Dubai
Shuaa Capital reported on Wednesday Dh74 million in net profit for 2017 as the company turned around its Dh132.5 million in losses recorded in 2016.
The Dubai-listed financial services firm said this was the highest full-year profit since 2007. The figure brings net profit for the fourth quarter of 2017 alone at Dh14.2 million, compared to Dh18.9 million in losses in the same quarter of 2016.
Revenues for the last quarter of the year reached Dh42.8 million, up 22 per cent on the Dh35.1 million in the fourth quarter of the previous year.
Shuaa said that the turnaround in earnings came as the company rebuilt its foundations in 2017, executed new sector-specific strategies, and optimised employee performance.
“We will continue to be market disrupters and roll out innovative and niche products and services. Our pole positions in capital markets and real estate asset management are testament to how we are making a difference in an over-crowded financial marketplace,” said Jassim Al Seddiqi, chairman of Shuaa Capital.
“We will continue to seize strategic opportunities.”
In a statement, the bank also said it will continue to focus on growing in the financial services space in the Middle East and North Africa, particularly in Saudi Arabia and Egypt.
Shuaa’s asset management division, which manages equities, fixed income, and real estate projects in the UAE and Saudi Arabia, saw a spike in profits of 105 per cent to Dh17 million.
Meanwhile, the capital markets division expanded its role as market maker and liquidity provider for issuer companies on Nasdaq Dubai, and was awarded licenses to act as liquidity provider by the Abu Dhabi Securities Exchange and the Dubai Financial Market.
The credit division, which comprises of subsidiaries Gulf Finance UAE and Gulf Finance Saudi Arabia, saw a turnaround strategy that also put it into full-year profitability.
