The brothers, who say they are innocent, are accused of having formed an organised criminal network in early 2021 in Romania, as well as in the US and Britain
Shuaa Capital has announced its financial results for Q2 2021, with net profit attributable to shareholders for Q2 2021 standing at Dh29 million, an increase of 17 per cent quarter-on-quarter.
Meanwhile, for the H1 2021 period, the group recorded its highest first half year net profit in a decade of Dh54 million, up significantly from Dh5 million in H1 2020. Operating profit for Q2 2021 stood at Dh57 million, an increase of 28 per cent quarter-on-quarter from Dh45 million in Q1 2021.
EBITDA generation also remained strong, at Dh79 million for Q2 2021, up five per cent quarter-on-quarter. EBITDA growth for H1 2021 was also strong year-on-year, up 23 per cent to Dh153 million, further highlighting the upwards trend in SHUAA’s earnings capacity. Moreover, revenues saw a quarter-on-quarter increase of 37 per cent to Dh140 million in Q2 2021 and a year-on-year increase in the first half of 11 per cent to Dh242 million for H1 2021.
The company also continues to strengthen its balance sheet thanks to its solid financials, with circa Dh400 million of borrowings and liabilities paid down in the past 24 months.
As of Q2 2021, Shuaa had $13.6 billion in assets under management, positioning it as the largest asset manager in the UAE and the largest listed asset manager in the Middle East, according to Forbes Middle East. Despite the continued impact of Covid-19 on the economic landscape, these results demonstrate the resilience and strength of Shuaa’s diversified platform and consistent ability to execute its growth strategy.
The company has also made progress towards its target leverage ratio by continuing to pay down debt. As a result of the progress made, as of Q2 2021, Shuaa has recorded its lowest level of borrowings since the merger in 2019 translating to a leverage ratio of 127 per cent, down from 139 per cent at the end of 2020.
Jassim Alseddiqi, group chief executive officer of Shuaa Capital, said: “Shuaa continues to go from strength to strength, as illustrated by our H1 results. Having recorded solid performance in Q1 2021, we have surpassed ourselves in Q2 to achieve an outstanding H1 2021 performance.”
“What’s more, we have clear sight of our growth potential via our pipeline of new funds and investments, underpinned by the expansion of our team to accelerate opportunities, particularly in areas such as fundraising, technology and our planned digital wealth platform. We are confident that Shuaa can continue on this strong growth trajectory, enabling us to realize further significant value for all stakeholders,” he said.
business@khaleejtimes.com
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