Dubai: Non-cash impairments and one-off charges drove investment bank Shuaa Capital to post a wider net loss of Dh866 million in 2023, from Dh135 million in 2022.
The company reported full-year revenues of Dh165 million, up 34 per cent year-on-year on a pro forma basis, and adjusted net operating income of Dh24 million, up 128 per cent year-on-year.
"The net profitability in the fourth quarter continued to be challenged by significant non-cash impairment of legacy assets amounting to Dh128 million and one-off charges of Dh124 million, including deferred tax liabilities associated with the implementation of UAE Corporate Tax Law," the statement said.
"Shuaa is negotiating agreements with its creditors and securing essential regulatory approvals to convene a shareholders’ general assembly over the coming few weeks."
