Shuaa Capital “streamlining business” after $39.2mln Q2 loss - CEO
Dubai-listed financial services company, Shuaa Capital, has posted a loss of AED 143.9 ($39.2 million) for the second quarter of the year, down from AED 39.4 million profit posted same time last year.
The company’s CEO, Fawad Tariq Khan, said it had embarked on a group-wide exercise to streamline business by addressing non-cash expenses and cost optimisation measures to position it for profitability.
Losses for H1 were heavy, reaching AED 192.5 million, against an AED 68.2 million profit YoY, according to financial results published to Dubai Financial Market (DFM) today.
Shuaa said non-cash expenses such as mark-to-market of Shuaa managed funds, accrued expenses, accelerated amortisation of intangible assets, contributed to results.
Its financial results showed operating income fell to AED 61.6 million in Q2 2022, down from AED 71.6 million in 2021, and AED 147.7 million in H1 2022 compared to AED 171.1 million in 2021.
The results also showed soaring operating expenses soaring year-on-year, reaching AED 214.3 million in H1 2022, up from AED 137.8 million in 2021.
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