The Board of Directors of ESHRAQ Investments has commissioned a forensic review of the Goldilocks Fund’s assessment in its financial results for the year 2024.
On Tuesday, Eshraq Investments, published its audial results for the 12 -month period that ended on December 31, 2024, in which its income from commercial operations fell half of that in 2023 with AED16.3 million (US $ 444 million), millions of feed millions), compared), compared to AED), compared to one million), compared to one million), compared to one million), compared to one million), compared to one million) million), compared millions), compared millions), compared to one million), compared to one million), compared to one million), compared to one million), compared to one million), compared millions), compared to one million ($ 44444444444444444444444444444444444 Conemiso. Million).
The revenues of the fourth quarter of commercial operations were AED4.2 million (US $ 1.14 million), below 5 million AED (US $ 1.36 million) in the corresponding quarter in 2023.
ESHRAQ reports a net loss of AED679.4 million ($ 185 million)
Financial income increased by 42.9 percent in fiscal year 2000 compared to the previous year, with the financial income of the fourth 2024 quarter that increased 16.1 percent compared to 2023.
Eshraq reported a net loss of AED679.4 million (US $ 185 million) compared to a net loss of AED545.1 million (US $ 148.43 million). However, only the loss in the last quarter narrowed year to AED383.6 (US $ 104.45 million) compared to AED463.7 million (US $ 126.26 million) in the fourth quarter of 2023.
The net loss of the investments reported by 2024 was mainly driven by the reduction of assets after the realization of holdings within the Goldilocks fund. At the end of the year 2024, the total net investment value of the Goldilocks fund stood at AED659 million (US $ 179.44 million), compared to AED 1,33 billion (US $ 360 million) in the fiscal year2023, assessment of kisses or Ass-Valus.
The Board of Directors of ESHRAQ is contacted with the reevaluation and said: “As noted in the Board of Directors for the 2024 Audited Financial Statements, Eshraq has expressed Conerns regarding the valuation of the Goldilocks Fund.
“The company is the opinion that the Fund Administrator has failed to maintain coherence in the methodology applied for the assessment of assets under administration, which resulted in significant inexplicable discrepancies in the value of net assets (NAV) informed of the fund.
“ESHRAQ is based on the assessment prepared by the fund manager and constantly reported a strong decrease in the value of the fund for December 31, 2024 compared to the valuation carried out by the Fund Administrator for September 30, 2024.
“As such, the change in the assessment methodology has forced Eshraq to reflect the decrease in the value of the fund in the last quarter of its financial statements.
“In its commitment to safeguard the interests of the shareholders and address this problem with transparency and diligence, the Board has commissioned a forensic review and will take all the necessary corrective actions after the conclusion of the investigation.”
Total liabilities reached153.4 million (US $ 41,77 million) in the fiscal year24, a 6.4 percent decrease compared to AED163.9 million (US $ 44.63 million) in fiscal year 2013. The reduction of liabilities was driven by a continuous reduction of banks and backed by the strategic outputs of holdings within the golden fund of gold, a significant length detecting the balance. of the group.
