Thu 14-02-2019 21:18 PM
DUBAI, 14th February, 2019 (WAM) — SHUAA Capital today reported its preliminary and unaudited full year results for 2018.
While total Group revenues increased by 23% to reach AED165.2 million for the year, net profit fell 63% year-on-year to AED 27.2 million, with the Company taking mark-to-market charges on its investments in in Q4 2018 and additional one-off provisions on legacy assets.
Fawad Tariq-Khan, Chief Executive Officer of SHUAA Capital said, “During the year we continued executing our turnaround strategy and completed acquisitions of Integrated Securities, Integrated Capital and Amwal Investments, adding cash flow generative businesses that have significant cross-sell opportunities and allowing us to distribute our first dividend in ten years.
“We also re-leveraged our balance sheet with favorable debt terms once we had repaid our legacy loans providing the Group with ample liquidity coming into 2019. While our profitability for the year was impacted by challenging market conditions at the end of last year, our core operations continued to grow and position SHUAA for the future. We expect the fruits of our diversification campaigns to come through properly over the coming months as we continue to grow our presence across the region.”
WAM/Tariq alfaham/Hatem Mohamed