RIYADH: Emirati asset management and investment banking platform Shuaa Capital has reported a 166 percent growth in profits.
The capital market company saw its annual net profits for last year rise to AED125 million ($34 million) from AED47 million in 2019, according to Al Arabiya.
The group’s annual profits before interest, taxes, depreciation, and amortization increased by 87 percent year-on-year to reach AED348 million. The preliminary results follow an adjustment in the valuation of non-core assets.
The group had achieved strong strategic financial performance and progress during the coronavirus disease (COVID-19) pandemic due to a transformational integration program launched by Shuaa after its merger with the Abu Dhabi Financial Group (ADFG) in August 2019, said Al Arabiya.
Shuaa achieved a record value of assets under management of $14.1 billion, an increase of 4 percent on the previous quarter. It maintained profitability for a third consecutive quarter, with net income attributable to shareholders in the fourth quarter of 2020 reaching AED61 million, while annual earnings before interest, taxes, depreciation, and amortization amounted to AED108 million.