Shuaa reports 46% rise in H1 2014 profit

Shuaa Capital, a Dubai-based investment company, on Wednesday reported that revenues increased 46.1 per cent to Dh116.2 million in the first half of 2014, compared to Dh79.5 million during the same period in 2013.

Net fees and commissions were Dh34.8 million, more than twice the Dh16.4 million recorded in H1 2013. This was led by the Investment Banking and Capital Markets units, which posted Dh13.2 million and Dh6.4 million in fees and commissions, respectively. Total expenses increased by 18.2 per cent to Dh95 million, which included an increase in interest expenses to Dh7.6 million and an increase in total provisions to Dh10.7 million.

Shuaa generated a net profit of Dh14.4 million during the first half 2014, compared to a net loss of Dh4.6 million during the same period last year.

Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of Shuaa Capital, said, "Shuaa delivered a strong first-half performance despite the volatile operating environment seen towards the end of the second quarter. This reaffirms Shuaa’s successful strategy, solid financial position and the diversified operating model we have created to generate sustainable profitability throughout market cycles."


 

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