Shuaa Capital revenue rises to Dh110m in Q3

DUBAI - Shuaa Capital yesterday has announced its third quarter consolidated financial results for the nine month period ending 31 December 2003. Reported revenue for this period is Dh110.1 million, a significant increase over the Dh39.2 million for the same period 2002.

By A Staff Reporter

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Published: Tue 10 Feb 2004, 12:15 PM

Last updated: Thu 2 Apr 2015, 11:50 AM

Net profit after operating expenses and minority interests reached Dh55 million and net operating income, after accounting for interest expense and provisions, increased by 144 per cent from the same period 2003 to reach Dh78 million.

"Our success was well planned and executed, our selection of markets to invest in was very well timed. We exited several long term investments with solid profits, assets under management continued to rise and have reached Dh902 million, and we have executed three landmark transactions. These results undoubtedly demonstrate the organisation's ongoing success and evolving investment banking capabilities." said Majid Saif Al Ghurair, chairman of Shuaa Capital.

Shuaa Capital continues to pursue a strategy of diversifying its activity base and revenue streams. "This strong strategic direction has already proven successful as evidenced by the steady upward climb of our financial results. Fees and commissions have also become an important bottom line revenue source reducing our reliance on market performance" said Iyad Duwaji Chief Executive Officer, Shuaa Capital said.

Duwaji added, "Fee income will continue to build over time from successful corporate finance mandates as well as fees generated from asset and portfolio management and securities brokerage which represented Dh27 million of the overall revenue of Dh110.1 million generated in the last three quarters."

Shuaa Capital's status as a premier institution in the AGCC's financial services sector has been further strengthened by several recent milestone accomplishments in the UAE including underwriting an Dh375 million of Emaar Properties, and lead managing the first IPO to hit the UAE market in the past three years, Amlak Finance. The issue was hugely successful and the offering of Dh412 million was 33 times oversubscribed.

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