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DUBAI / Emirates Business
Shuaa Capital on Sunday announced its Q1 financial results, with the firm maint- aining profitability. While group total revenues increased 4% to settle at AED 33.2 million (Q1 2017: AED 31.8 million), profits retreated to the AED 11.7 million mark (Q1 2017: AED 24.8 million) primarily as a result of lower interest income from its lending arm.
The quarter saw Shuaa’s Asset Management unit recording AED 8.9 million in revenues (Q1 2017: AED 5.7 million) an increase of 56%, with the division’s profits up 204% to reach AED 4.1 million (Q1 2017: AED 1.4 million).