Dubai – Mubasher: SHUAA Capital on Thursday reported turning a profit in the second quarter of 2017 and the first half of the year. In the latter, the company achieved its highest profits since 2009.
The group achieved AED 12.1 million ($3.29 million) in profits in Q2-17 versus AED 50.8 million ($13.83 million) in the year-ago period, according to the company’s financial statements.
Quarter-on-quarter, SHUAA’s profits jumped 124%.
“The continued swing back to profitability [was] driven by proprietary investments, advisory transactions and management fees of real estate funds,” SHUAA said in a statement.
Total revenues amounted to AED 30.4 million in Q2-17, down from AED 44.6 million in Q2-16.
Between January and June, the Dubai-listed company logged AED 36.8 million in profits, its highest since 2009, versus AED 78.3 million in losses in the year-ago period.
In the first six months, the company achieved AED 62.2 million in revenues, down from AED 90.1 million in the year-ago period.
Commenting on SHUAA’s results, general manager Fawad Tariq-Khan stated that the company’s focus during the first half of 2017 “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,” the top official highlighted.
