SHUAA Capital, a Dubai-based investment company, today announced financial results. The company reported that revenues increased 46.1% to AED116.2 million in the first half of 2014, compared to AED79.5 million during the same period in 2013. This significant revenue up-swing stems from continuously growing client activity across the group’s core businesses, as well as gains from investments in SHUAA managed funds.
Net fees and commissions were AED34.8 million, more than twice the AED16.4 million recorded in H1 2013. This was led by the Investment Banking and Capital Markets units, which posted AED13.2 million and AED6.4 million in fees and commissions, respectively. Total expenses increased by 18.2% to AED95 million, which included an increase in interest expenses to AED7.6 million and an increase in total provisions to AED10.7 million.
SHUAA generated a net profit of AED14.4 million during the first half 2014, compared to a net loss of AED 4.6 million during the same period last year.
Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of SHUAA Capital, said, “SHUAA delivered a strong first-half performance despite the volatile operating environment seen towards the end of the second quarter. This reaffirms SHUAA’s successful strategy, solid financial position and the diversified operating model we have created to generate sustainable profitability throughout market cycles.”
Source : WAM News Agency for United Arab Emirates
