Shuaa swings to first-half profit on revenue boost
Shuaa Capital, a Dubai-based investment banking and asset management company, swung to a profit in the first half as revenue climbed on the robust performance of its asset management and investment banking businesses.
Net profit attributable to shareholders in the six months to the end of June rose to Dh20 million ($5.45 million), from a loss of Dh164 million in the same period in 2022, the company said on Thursday in a filing to the Dubai Financial Market, where its shares are traded.
Net operating income at the end of June rose tenfold to Dh32.4 million, up from Dh2.9 million from a year earlier.
Revenue for the reporting period surged 68 per cent, year on year, on a normalised basis, to Dh99 million, driven by recurring income from all business segments, as well as “performance fees recognised in the asset management segment”, Shuaa said.
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