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Dubai-based investment bank Shuaa Capital's fourth-quarter 2022 net profit more than doubled to AED 9.2 million ($2.5 million).
However, for the full year of 2022, the investment bank swung to a net loss of AED135.2 million from a net profit of AED24.2 million in the previous year.
In a statement on Wednesday to the Dubai Financial Market (DFM), Shuaa said the FY net loss was due to the one-off charges taken in the first half of the year which it attributed to amortiSation of intangible assets and other non-cash items.
Revenue for the quarter came at AED50.8 million, 38% lower than a year earlier.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
