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Asset management and investment banking company Shuaa Capital returned to profitability in the third quarter of the year after suffering a loss three months earlier.
Profit attributable shareholders during the quarter reached AED19.79 million ($5.4 million), up from the previous year’s AED16.6 million
The company had said it was “streamlining” its business after posting a Q2 loss of AED143.9 million.
For the first nine months of 2022, loss attributable to shareholders reached AED 220.8 million.
According to Group CEO Fawad Tariq Khan, the company’s core operating business remained resilient “despite the prolonged global market volatility”. He said the company “delivered another strong set of recurring revenues across all business segments”.
In a statement posted to Dubai Financial Market (DFM), the company highlighted that third-quarter net operating income, (excluding one-off items) rose to AED 14 million from AED 6 million in Q2 2022. This was backed by strong recurring revenues across all segments.
(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)
