Shuaa posts healthy net profit

Strong managed fund performance and two corporate finance mandates helped drive strong revenue growth at the UAE-based finance company.

  • E-Mail
By  David Ingham Published  February 10, 2003

Shuaa Capital posted net income of Dhs11.7 million for the nine months ended December 31, 2002. The company’s revenue for this period was Dhs39.2 million, compared with Dhs19.4 million for the comparable period in 2001.

“We continue to operate in a challenging investment environment, yet we have managed to improve our results significantly,” said Majid Saif Al Ghurair, chairman of Shuaa Capital. “We will continue with our plan of diversifying our revenue sources as a way of maximising returns on our assets.”

Shuaa is primarily focusing on asset and portfolio management, Arab fixed income, Arab equities, regional and international brokerage, advisory services and corporate finance. The company says that it has been actively pursuing a strategy of diversifying its activity base and its revenue streams.

“Our results are clear evidence of having already succeeded in attaining our initial goals, and we are confident, looking forward, that fee income will continue to build over time from successful corporate finance mandates as well as fees generated from asset and portfolio management and share brokerage,” said Iyad Duwaji, CEO. “We have completed two corporate finance mandates this year, and assets under our management continued to grow.”

The company’s three managed funds returned between 11 and 13% annualised in 2002. Going forward, Shuaa will be focusing on concluding two more mandates in the current quarter, including an AED 150 million private equity offering for a UAE company, to be followed by a listing on the DFM.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code