Home Business & Finance SHUAA Capital registers AED 30.1 million Q3 2018 net profit, the Group’s highest quarterly profit since 2008

SHUAA Capital registers AED 30.1 million Q3 2018 net profit, the Group’s highest quarterly profit since 2008

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DUBAI: SHUAA Capital yesterday reports its financial results for the quarter ended 30 September 2018, with AED 30.1 million in net profits, up 31% year on year, the Group’s highest quarterly figure since 2008. Year to date, net profits stood at AED 56.4 million (YTD 2017: net profit of AED 59.8 million).

The Group’s Asset Management business line saw a 35% increase in profits to AED 8.5 million (Q3 2017: AED 6.3 million), as its operations grows further in both the Kingdom of Saudi Arabia and the UAE. SHUAA’s Capital Markets division recorded profits of AED 14.2 million following the consolidation of related subsidiaries  (Q3 2017: loss AED 0.5 million). The Investment Banking and Lending divisions recorded losses of AED 0.3 million and AED 2.1 million respectively, while the corporate division registered profits worth  AED 9.8 million.

Group third quarter revenues grew 39% year on year, reaching AED 41.1 million (Q3 2017: AED29.6 million). General and administrative expenses increased 38% to AED 29.2 million (Q3 2017: AED 21.2 million) as the Group supports the growth of business operations and expansion activities outside of the UAE.

Fawad Tariq-Khan, SHUAA’s Chief Executive said, “The third quarter saw us maintaining our positive trajectory based on the previously announced road map. The various teams are actively working on developing client relations, and to seize opportunities across multiple market jurisdictions. Our recent acquisition of Amwal International Investment Company in Kuwait, and intended business affiliations are meant to help us benefit from synergies and capture inbound and outbound business prospects. Activating these investments and partnerships is imminent, and we expect the final quarter to be another game changing quarter for the Group”.
As of 30 September 2018 SHUAA’s balance sheet and total assets were AED 1.9 billion (31 December 2017: AED 1.2 billion). The Group’s liquidity position is? healthy with AED 323.7 million in cash. Liabilities increased to AED 887.0 million. Net equity stood at AED 892.4  million while the leverage ratio was 0.46. PR

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