He also stabbed three other workers, leaving them with serious injuries
uae5 hours ago
Shuaa Capital, an asset management and investment banking platform, reported on Sunday a net profit of Dh125 million in 2020, up 166 per cent year on year from Dh47 million in 2019.
In a statement, Shuaa said EBITDA increased 87 per cent to Dh 348 million. “These preliminary results reflect Dh73 million in valuation adjustments in the non-core assets unit as a measure to accelerate its wind down, Dh 104 million net mark-to-market gains on portfolio assets including associates and Dh114 million other valuation adjustments on investment portfolios,” the company said.
Despite strong headwinds caused by the pandemic, the group maintained its profitability for a third consecutive quarter. Q4 2020 net income attributable to shareholders stands at Dh61 million and EBITDA at Dh108 million.
“The significant valuation adjustments across the Group’s listed and unlisted assets and portfolios were considerably outweighed by the closing of a landmark transaction, arranging the debt buyout of Stanford Marine Group, in the final quarter of 2020,” it said.
“We have a clear strategy for long-term growth and in 2020 Shuaa has made excellent progress in realising these plans,” said Jassim Alseddiqi, group CEO of Shuaa Capital.
“We achieved key milestones and landmark transactions, all whilst delivering a transformational integration programme against a backdrop of a global pandemic. It is therefore particularly pleasing that we have more than doubled profits year-on-year, proving the resilience and potential of our business model,” Alseddiqi said.
He said Shuaa entered 2021 with a strengthened business – having realized further cost and revenue synergies, strengthened the balance sheet and continued to introduce innovative new products that will boost its recurring revenues for the long-term. “We remain well placed to deliver on our growth ambitions, with strong momentum across our business and an exciting pipeline of investment opportunities.”
issacjohn@khaleejtimes.com
He also stabbed three other workers, leaving them with serious injuries
uae5 hours ago
Dubai FinTech Summit kicked off on Monday with over 200 exhibitors
business6 hours ago
There were no immediate details over what the agreement entailed
mena6 hours ago
Authorities are currently investigating the sightings
uae6 hours ago
Although Israel ordered civilians in Rafah to evacuate, charity organisations say no real plan for their move is in place
mena6 hours ago
On Sunday, the final day of the adult competition, the UAE national team delivered a stellar performance, adding seven more medals to their tally
sports6 hours ago
Report says MAI-1 will be "far larger" than the previous smaller, open source models Microsoft had previously trained
tech7 hours ago
Country is showcasing its attractions at ATM
business7 hours ago