Shuaa Capital's 2021 profit dips on one-off charges
Dubai-based investment bank Shuaa Capital reported a 68 per cent drop in net profit last year as the earnings were impacted due to the one-off charges.
The company’s net profit dipped to Dh40 million ($10.8m), down from Dh125m in 2020.
The result included one-off charges of net Dh189m related to the valuation impairments following the decision to accelerate the restructuring of a legacy, illiquid investment portfolio, the company said in a statement on Monday.
It added that net profit on a like for like basis would have been Dh229m last year.
“As we draw an end to cleaning up legacy and non-core investments and portfolios, our focus is now solely on driving revenues and shareholder returns … [while] maintaining a strict discipline on costs,” Jassim Alseddiqi, group chief executive of Shuaa Capital, said.
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