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SHUAA reports AED 8.2m net profit in Q1 2014
(13 April 2014)

 

SHUAA Capital, a Dubai-based financial services provider, today reported a revenue of AED 64 million in Q1 2014, 77% higher compared to AED36 million in the same period last year.

The company released today results for the period ended 31 March 2014, showing a net profit of AED8.2 million compared to a net loss of AED 5.9 million respectively. All core fee and interest generating business divisions posted a net profit.

On a sequential basis, net profit increased 118% from AED3.8 million in the Q4 2013, on revenues of AED64 million. Higher income in the lending and investment banking divisions accounted for the majority of the quarter-on-quarter improvement.

Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of SHUAA Capital said: "We are witnessing a strong recovery in the capital markets and investment banking arena, where we have been able to firmly position SHUAA as a market leader. Our asset management division continues to deliver solid performance and we see growing demand for our SME lending business." Financial highlights for the first quarter of 2014 include; Investment Banking posted a net profit of AED8.0 million, making it the strongest performing division of the quarter. Investment Banking continues to perform well with the increasing number of IPOs and corporate transactions being worked on. In Q1 2013, the investment banking division recorded a net loss of AED0.87 million, lending generated a net profit of AED7.4 million compared to a profit of AED 2.6 million in Q1 2013.

Revenues were up 47% to AED 30.8 million, compared to AED 20.9 million generated in Q1 2013.

Capital Markets witnessed a 66% jump in fees and commissions to AED3 million compared to AED1.8 million due to SHUAA's stronger positioning in institutional sales and trading and total revenues were AED 3.3 million, an increase of 59% compared to AED 2.1 million in Q1 2013. Net profit of the division was AED1.5 million in Q1 2014.

Asset Management saw an increase in year-on-year fees and commission income to AED4.8 million from AED4.1 million and produced a 65% increase in net profit of AED3.1 million versus AED1.9 million in Q1 2013.

Corporate reported a net loss of AED 11.8 million in Q1 2014 which is in line with budget.

Sheikh Maktoum added: "The continued economic revival of the UAE over the last year has allowed us to start demonstrating our earnings capabilities. Our focus now is squarely on income generation in key divisions that will help us drive growth and value for clients and shareholders, while maintaining our cost discipline.

SHUAA is in the process of realising further revenue upside from the execution of its investment banking pipeline, the build-out of its global institutional standard sales and trading platform, the inflow of assets under management and the increase in financial leverage to fund accelerated origination activities of its SME lending business." SHUAA expects to publish its earnings release and interim condensed consolidated financial statements for Q1 2014 on the eleventh of next month.

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