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Dubai-based investment bank Shuaa Capital made a net loss attributable to owners of 87.19 million dirhams ($27 million) in the three months to 31 March 2024.
This compares with a net profit of AED 14.7 million in the year-ago period.
As of Q1, the investment bank's accumulated loss was AED 916 million. The ratio of accumulated loss to capital was 36.12%, it said on Dubai Financial Market on Tuesday.
Revenue for Q1 was AED 30.2 million versus AED 59.7 million in the year-ago period.
Accumulated losses are mainly due to fair value losses because of impairment, recognition of a deferred tax liability due to the implementation of corporate tax law in the UAE, receivables write-off associated with a revision of land valuation in the UAE, etc.
(Writing by Brinda Darasha; editing by Daniel Luiz)