Dubai - Mubasher: The UAE-based SHUAA Capital on Wednesday reported AED 74 million in net profit during 2017, according to a company statement.
The financial services provider generated a net profit of AED 14.2 million in the fourth quarter of 2017, while its revenue recorded AED 42.8 million in Q4-17.
“Our pole positions in Capital Markets and real estate asset management are testament to how we are making a difference in an over-crowded financial marketplace. We will continue to seize strategic opportunities,” said SHUAA Capital chairman Jassim Alseddiqi.
Balance sheet and total assets of the Dubai Financial Market (DFM) listed firm decreased to AED 1.2 billion last year, compared to AED 1.3 billion a year earlier, the company’s data showed.
The asset management division of SHUAA Capital Saudi Arabia made AED 17.0 million in net profit in 2017, while SHUAA’s capital markets division net loss registered AED 3.3 million.
“From the onset, we’ve acknowledged the magnitude of the task ahead of us for turning the company around and positioning it for sustained profitability,” Fawad Tariq-Khan, SHUAA Capital’s CEO, commented.
Meanwhile, investment banking team made AED 1.9 million in net profit, while data of the credit and corporate divisions showed net profits of AED 22.1 million and AED 36.3 million, respectively.
