Dubai – Mubasher: The UAE’s small-and-medium-sized enterprises (SMEs) performed well in the first quarter of fiscal year 2015 and continue to expect increased profits, according to a report from Gulf Finance Corporation, a wholly-owned subsidiary of the UAE’s SHUAA Capital and a leading provider of finance to SMEs.

A total of 85% of SMEs confirmed orders, and production increased during the last quarter, said the inaugural report, titled UAE SME Sentiment Survey – Q1-15.

Three out of the four businesses in the report saw new hires during the first quarter.

“Seventy percent of SMEs saw a noticeable improvement in payment collection, specifically SMEs with a turnover of between 1 to 10 million, which were three out of four respondents,” the report said, adding that nine out of 10 claimed their ability to raise finance had improved since the turn of the year.

The highest respondents were those with 20 to 50 employees (27%) or with a turnover of 2 to 5 million (31%).

“This suggests well-established or high-growth companies are the ones benefitting,” said Gulf Finance, noting that 90% of those surveyed expect a rise in sales in their company.