Profits in Dubais Shuaa Captial Jumps Six-Fold - Dubai Property Society - dubaipropertysociety/profits-dubais-shuaa-captial-jumps-six-fold/ The Dubai-based financial service provider Shuaa Capital has reported net profit growth of more than six-times, for the three months to September. Impressive performance by its asset management and investment banking divisions has resulted in the company’s best quarterly results for five years. Net profit stood at AED 26.2 million in the quarter with profits for the year earlier period was just AED 3.6 million. Net income also showed a large turn-around, with AED 40.7 million received since the start of 2014, compared to a loss of AED 1 million in 2013. Shuaa is the UAE’s oldest investment bank and had previously experienced four straight years of losses, mainly due to close ties to the property market in Dubai. Cost-cutting programmes and an improved market sentiment saw the company return to profit last year. Sheikh Maktoum Hasher Al Maktoum, the executive chairman of Shuaa, said: “Overall, these record results are the product of our management team’s successful strategy implementation and our ability to generate profitability from both recurring and non-recurring sources.”
Posted on: Wed, 15 Oct 2014 05:13:01 +0000
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