DUBAI, 29 October 2004 — SHUAA Capital, the leading investment bank, released its second quarter results for the period ended Sept. 30 with a net profit of 38.8 million dirhams against 13.1 million dirhams in the comparative period.
The company’s results for the second quarter were remarkably strong increasing by 195 percent as compared to the same quarter last year, resulting in its first half consolidated revenues growing 57 percent to 110.1 million dirhams. Profits from operations were up 85 percent to 90.1 million dirhams and net profits reached 73.2 million dirhams during the six months period, a 113 percent growth from the six months period last year.
Total assets managed by the company, including client funds, grew strongly by 167 percent from the end of September last year as it reached 2.2 billion dirhams, while shareholders equity stood at 490 million dirhams compared to 405 million dirhams a year ago, after paying out 30 million dirhams in dividend to its shareholders in June 2004.
SHUAA Capital’s chairman, Majid Saif Al-Ghurair, stated that this quarter’s performance was achieved across all business activities, particularly from associate companies and from the fee income generated from the asset management and investment banking activities. “The company was able to capitalize on its position as a regional leader in asset management as reflected in the strong results of its managed funds and its investment portfolios across the region”.