based investment company listed on Abu Dhabi Securities Exchange (ADX), has reported an 11% year-on-year increase in operational revenue, to AED 26.0mn from AED 23.4mn in 2017. In addition, Eshraq saw an increase of 20% year-on-year in its financial investment returns, primarily due to deployment of capital in equity and fixed income investments. The Company has achieved its second year of profits under the new management, although net profit of AED 3.0 million for 2018 reflects the impact of a number of one-off, non-cash asset impairments. The company's audited results were approved at a board meeting held last March 24. The board of directors approved plans to cross list some of the company's shares on the Saudi Stock Exchange (Tadawul), announcing the appointment of Banque Saudi Fransi and Baker McKenzie as advisors on the deal. In 2018, Eshraq sought to diversify its revenue sources to offset the impact of decline in real estate earnings. Eshraq's hospitality and leasing business maintained its market leading rental yield, with occupancy rates of more than 91% in Q4 2018, outperforming its peers. Eshraq's investment portfolio also generated strong income from investments and deposits. On the development front, Eshraq's Marina Rise project construction is now over 20% complete and is targeted to be ready by Q2 2020. Once completed, Marina Rise will be Eshraq's first development project to contribute to its bottom line from next year. — SG
