SHUAA Capital reported preliminary and unaudited results for the fourth quarter (Q4) and full year 2013.

The full year results are in line with the company’s earnings guidance for the year.

In Q4, 2013, SHUAA recorded revenues of around AED63 million, an increase of 153 percent compared to revenues of AED25 million in Q4, 2012.

Net profit was AED3.8 million in Q4, 2013, versus a net loss of AED21 million in Q4, 2012.

For 2013, net profit attributable to shareholders was approximately AED2.8 million, up AED62 million from a net loss of AED59 million in 2012. Revenues generated in 2013 were approximately AED198 million, a 44 percent increase versus AED137 million in 2012.

All revenue generating business divisions were profitable in 2013 and contributed to this strong performance.

SHUAA reported total assets of AED1.5 billion at year-end 2013, an increase of AED116 million compared to 31 December 2012. In line with the company’s forecast for 2013 and its plans to grow its lending business by redeploying balance sheet and increasing liabilities, cash declined by AED234 million to AED189 million and liabilities increased to AED377 million from AED 269 million. SHUAA’s leverage ratio at year-end 2013 was 0.23.

“We reached our financial targets thanks to a relentless team effort and improved market conditions, which have accelerated revenue growth across our core businesses. This, together with continued rigorous cost control has produced this significant result and marks the turning point for the company,” said Sheikh Maktoum Hasher Al Maktoum, executive chairman of SHUAA Capital.

“The 2013 results clearly demonstrate the success of our strategic transformation,” he added. “SHUAA has now reached a new level in terms of balance sheet strength, risk profile and profitability.”

SHUAA expects to publish its earnings release and audited financial statements for the fourth quarter and full year 2013 on Feb. 14.