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Shuaa Capital's net profit rises 53% to Dh400.5m
Shuaa Capital on Saturday reported a 53 per cent increase in its net profit to Dh400.5 million from Dh261.8 million in 2007.
- Staff Report
- Published: 14:48 May 17, 2008
Dubai: Shuaa Capital on Saturday reported a 53 per cent increase in its net profit to Dh400.5 million from Dh261.8 million in 2007.
Shuaa's board has proposed a cash dividend of 45 per cent of the nominal value of shares (Dh.45 per share), which is subject to approval at the upcoming annual general meeting. Year-end operating income increased by 83.3 per cent to Dh710.8 million compared to Dh387.7 million last year.
"Our year-end results clearly demonstrate that we are delivering on our promise to shareholders," said Majid Saif Al Ghurair, chairman of Shuaa Capital.
"More importantly, we have achieved both scale and momentum across our regional business. We are especially proud that in IPOs our investment banking division ranked number 1 in the UAE, number 2 in the GCC, and number 18 globally during fiscal 2007," he said.
Shuaa's results were driven by strong performance during all four quarters. For the whole year, client's funds under management increased 117.3 per cent to Dh14.23 billion compared to Dh6.55 billion last year.
"The excellent outcome to this year was driven by marked progress over all the markets and client segments we serve," said Iyad Duwaji, chief executive officer of Shuaa.
"Each of our six business divisions maintains leadership positions in its field and we have built greater presence across the region. We have further strengthened our financial resources during the year with the issuance of $456 million of convertible bonds, and are extremely well placed to further capitalise on the tremendous opportunities that GCC markets offer. We are increasingly attracting the attention of both regional and global institutional investors," he added.
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