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Shuaa's Q2 profit soars195 per cent

The company's consolidated revenues for the first half of the year grew by 57 per cent to Dh110.1 million. Profits from operations were up 85 per cent to Dh90.1 million and net profits reached Dh73.2 million during the first half up by113 percent compared to the same period last year.

Total assets managed by the company, including client funds, grew by 167 per cent from the end of September last year as it reached Dh2.2 billion, while shareholders equity stood at Dh490 million compared to Dh405 million a year ago, after paying out Dh30 million in dividend to its shareholders in June 2004.

The company has reported impressive growth in all business activities including asset management and investment banking activities. “The company was able to capitalise on its position as a regional leader in asset management as reflected in the strong results of its managed funds and its investment portfolios across the region,” said Majid Saif Al Ghurair, chairman of Shuaa Capital.

Shuaa has reported strong demand for Shuaa's funds. The company had recently introduced Portfolio Advisory Services, where high net worth clients can benefit from their experience in these markets to structure their portfolios and diversify their investments across regional markets based on desired returns.

“We are very pleased to report that Shuaa Capital has delivered another strong quarter with sequential growth from the same period last year. We continue to focus on expanding the existing businesses and build new revenue streams with particular focus on the investment banking and advisory services, lessening the impact of investment income on our results going forward, ” said Iyad Duwaji, Shuaa's Chief Executive Officer. The recent strategic acquisitions in the UAE and Oman are contributing strongly to the overall profits of the group.