The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Dubai / Emirates Business
SHUAA Capital reported its financial results for the quarter ended September 30.
The group recorded profits for
the third consecutive quarter as its turnaround under the new Board and executive management team continued. The third quarter saw net profits reach the AED23 million mark, an increase of 165% than last year (Q3 2016: net loss of AED35 million). Year to date, net profits stood at AED60 million (YTD 2016: net loss of AED 114 million), thus beating every previous years’ annual earnings level since 2007. SHU-AA’s re-emergence as a main player in region’s financial sector since Jan 2017 was driven by new shareholder Abu Dhabi Financial Group.
The firm’s real estate Asset Management and credit business lines reported particularly strong performance for the three months ending on Sept 30, with profits of AED 6.3 million (Q3 2016: AED0.7 million) and AED15.7 million (Q3 2016: loss AED38.6 million) respectively.
Building on the success of its real estate business in the Saudi Arabian market, wh-ich has managed hospitality funds and the development of large scale projects for the past eight years, SHUAA recently activated real estate asset management operations in its home UAE market.