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Shuaa Capital posts 30pc jump in Q3 net profit

DUBAI, November 5, 2018

Dubai-based Shuaa Capital, a leading financial services provider, has registered a net profit of Dh30.1 million ($8.2 million) for the third quarter, up 31 per cent over the same period last year. It is the group’s highest quarterly figure since 2008.

Announcing the results for the quarter ended September 30, Shuaa Capital said year-to-date net profits stood at Dh56.4 million compared to Dh59.8 million last year.

The group’s asset management business line saw a 35 per cent increase in profits to hit Dh8.5 million, as its operations grows further in both Saudi Arabia and the UAE.

Shuaa Capital's revenues for the period grew 39 per cent year on year to hit Dh41.1 million from last year's figures of Dh29.6 million.

General and administrative expenses increased 38 per cent to Dh29.2 million from last year's Dh21.2 million as the group supported the growth of business operations and expansion activities outside of the UAE, said the Dubai financial services company in its statement.

CEO Fawad Tariq Khan 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," he added.

As of September 30, Shuaa said its balance sheet and total assets had hit Dh1.9 billion compared to Dh1.2 billion in December last year.

The group’s liquidity position is healthy with Dh323.7 million in cash, while its liabilities increased to Dh887 million. Its net equity stood at Dh892.4 million while the leverage ratio was 0.46, it added.-TradeArabia News Service

Tags: Saudi Arabia | UAE | Shuaa capital | profit |

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