DUBAI: Shuaa Capital recorded its highest half-yearly profits since 2009, and its second consecutive profitable quarter, with half-year results of Dh36.8 million, an increase of 147 per cent on the same period the previous year.

The financial services firm saw a 124 per cent increase in second-quarter profits, reaching Dh12.1 million, it said in a statement on Thursday.

Total revenues for the second quarter were Dh30.4 million, compared to Dh44.6 million in the second quarter of 2016. First-half revenues rose from Dh90.1 million in 2016 to Dh62.2 million in 2017.

“Our focus during the first six months of the year was two-fold, first to reinforce the foundations of the Group, and second to refocus and streamline our operations to create synergies across the business and with external partners.

Shuaa Capital’s healthy performance in 2017 is evidence that we are on the right path, and gives us a solid platform to build upon in the second half of the year,” Fawad Tariq-Khan, General Manager of Shuaa Capital, said in a statement.

The firm also drew attention to its investment banking operations as a notable highlight during the second quarter of 2017. It said it was assigned as lead manager and underwriter for Dar Al Takaful’s Dh50 million rights issue, co-lead manager for the $105 million Initial Public Offering of ENBD REIT, and had other buy-sell side advisory transactions are in the pipeline for the third quarter of this year.

In capital markets, Shuaa said it was the biggest and most active Market Maker in the UAE during the first half of the year, engaging with the Dubai Financial Market, the Abu Dhabi Securities Exchange and Nasdaq Dubai, with plans for further regional expansion of this specialised service.