DUBAI, 13 February 2005 — Shuaa Capital, the leading investment bank, released its results for the last three quarters for the period ended Dec. 31, 2004 with a net profit of 148.5 million dirhams versus 55.2 million dirhams in the comparative period.
The company’s results for the third quarter were remarkably strong with a 258 percent increase in profits compared to the same quarter last year, resulting in its nine months consolidated revenues growing 98.5 percent to 218.6 million dirhams. Profits from operations increased to 193.7 million dirhams and net profits reached 148.5 million dirhams during the nine months period, a 168 percent growth from the nine months period recorded last year. Total assets managed by the company, including client funds, increased by 77 percent from the end of December last year to reach 3 billion dirhams, while shareholders equity stood at 574 million dirhams as compared to 429 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 “particularly impressive and provided a high level of confidence in the quality of our revenue model.” Growth was demonstrated across all business activities, particularly from subsidiary and associate companies and from the fee income generated by the asset management and investment banking activities.
