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Dubai-listed investment bank and asset manager Shuaa Capital cut its losses by more than half during the second quarter of the year.
Net loss attributable to shareholders of the company stood at AED 29.4 million ($8 million) in the quarter, down by around 66% from the AED 87.2 million net loss in the first quarter of 2024.
For the first half of the year, net loss reached AED 117 million, primarily due to non-cash impairments related to the company’s associate and investment in legacy assets, the firm said on Dubai Financial Market (DFM) on Wednesday.
Revenues for the first half, excluding one-off items, amounted to AED 50 million, down by AED 13 million from a year earlier.
Cost-to-income ratio was pegged at 103% in the first six months of the year, an improvement from the 111% on an adjusted basis in the previous year.
(Writing by Cleofe Maceda; editing by Seban Scaria)
