Dubai – Mubasher: Shuaa ​Capital’s net profits more than halved to AED 11.7 million in the first quarter of 2018, compared to AED 24.8 million in the year-ago period.

The company’s revenue added 4% year-on-year to AED 33.2 million in Q1-18, according to a company statement released on Sunday.

The Dubai-listed company’s bank debt declined to AED 87 million in the three-month period ended 31 March 2018, with term debt slated for payment in Q2-18.

Shuaa Capital Asset Management’s revenue registered AED 8.9 million from January to March, while its profits skyrocketed 204% to AED 4.1 million in the same period, in comparison with AED 1.4 million in Q1-17, Shuaa’s data showed.

Shuaa’s investment banking unit saw stability in revenue during the first quarter of 2018, incurring a loss of AED 0.6 million in the same period.

The group’s corporate division posted AED 7.7 million net profit in Q1-18.

“The last 12 months have seen aggressive de-leveraging of our business with AED 159 million bank term debt repaid from internally generated cash flows,” Shuaa Capital’s CEO Fawad Tariq-Khan commented.

Meanwhile, Shuaa Group’s general and administrative expenses grew to AED 27.7 million in the first three months of 2018.

The Emirati group’s total assets hit AED 1.3 billion in the three-month period ended 31 March 2018, while net assets recorded AED 869.2 million in the same period.

“During Q2 we will also begin consolidating the operations of both Integrated Securities and Integrated Capital as well as other acquisitions in the pipeline that will allow Shuaa to continue its path towards sustainable profitability,” Tariq-Khan said.