Shuaa posts 31% surge in Q3 earnings

dubai — Shuaa Capital on Monday said its third-quarter profit surged 31 per cent to Dh30.1 million — the group’s highest quarterly figure since 2008.

In a statement, the Dubai-based group said year-to-date net profit declined to Dh56.4 million from Dh59.8 million in the corresponding period last year.

The group’s asset management business line saw a 35 per cent increase in profits to Dh8.5 million during July-September 2018 quarter, as its operations grows further in Saudi Arabia and the UAE.

Shuaa’s Capital markets division recorded profits of Dh14.2 million following the consolidation of related subsidiaries.

The investment banking and lending divisions recorded losses of Dh0.3 million and Dh2.1 million, respectively, while the corporate division registered profits worth Dh9.8 million. Group’s third-quarter revenues grew 39 per cent, reaching Dh41.1 million.