Shuaa Capital revenues up 23% to reach Dh165.2M

dubai — Shuaa Capital’s total group revenues increased by 23 per cent to reach Dh165.2 million for the year.

Reportimg its preliminary and unaudited full year results for 2018 Shuaa said its net profit fell 63 per cent year-on-year to Dh27.2 million with the company taking mark-tomarket charges on its investments in Q4 2018 and additional one-off provisions on legacy assets.

The fourth quarter brought about the biggest impact on earnings, reporting a loss of Dh 29.2 million against the profit of Dh14.2 million, while revenues for the last quarter of 2018 rose 40 per cent to Dh60.1 million, up from Dh42.8 million in the corresponding quarter of 2017.

Fawad Tariq-Khan, chief executive officer of Shuaa Capital, said: “During the year we continued executing our turnaround strategy and completed acquisitions of Integrated Securities, Integrated Capital and Amwal Investments, adding cash flow generative businesses that have significant crosssell opportunities and allowing us to distribute our first dividend in ten years. We also re-leveraged our balance sheet with favorable debt terms once we had repaid our legacy loans providing the Group with ample liquidity coming into 2019. While our profitability for the year was impacted by challenging market conditions at the end of last year, our core operations continued to grow and position Shuaa for the future. We expect the fruits of our diversification campaigns to come through properly over the coming months as we continue to grow our presence across the region.”