SHUAA Capital Registers AED30.1 Million Q3 2018 Net ProfitSource: www.export-egypt.com 11/6/2018, Location: Middle East |
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SHUAA Capital has reported its financial results for the quarter ended 30th September, 2018, with AED30.1 million in net profits, up 31 percent year on year, the group’s highest quarterly figure since 2008.
Year to date, net profits stood at AED56.4 million, compared with a net profit of AED59.8 million during the same period last year. The Group’s Asset Management business line saw a 35 percent increase in profits to AED8.5 million compared to AED 6.3 million during the same period last year, as its operations grows further in both the Kingdom of Saudi Arabia and the UAE. SHUAA’s Capital Markets division recorded profits of AED14.2 million following the consolidation of related subsidiaries compared to a loss of AED0.5 million in Q3 2017. The Investment Banking and Lending divisions recorded losses of AED0.3 million and AED2.1 million respectively, while the corporate division registered profits worth AED9.8 million. Group third quarter revenues grew 39 percent year on year, reaching AED41.1 million, while it was AED29.6 million the same period last year. General and administrative expenses increased 38 percent to AED29.2 million, compared to AED 21.2 million in Q3 2017, as the group supports the growth of business operations and expansion activities outside of the UAE. Commenting on the financial results, 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 30th September 2018, SHUAA’s balance sheet and total assets were AED1.9 billion and the group’s liquidity position is AED323.7 million in cash. Liabilities increased to AED887.0 million. Net equity stood at AED892.4 million while the leverage ratio was 0.46. |
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