Dubai – Mubasher: SHUAA Capital on Monday said its net profits jumped 31% year-on-year to AED 30.1 million ($8.20 million) by the end of third quarter of 2018, recording its highest quarterly profits in a decade.

Profits of its asset management business surged 35% to AED 8.5 million in Q3-18, from AED 6.3 million in the year-ago period, the company said in a statement to the Dubai Financial Market (DFM).

SHUAA attributed the growth in its asset management business to large expansions across Saudi Arabia and the UAE.

“Year-to-date 2018 net profits stood at AED 56.4 million, [compared to] YTD 2017 net profit of AED 59.8 million,” the statement added.

The UAE-based company posted a 39% rise in revenues to AED 41.1 million from July to September, versus AED 29.6 million during the year-ago period.

“The third quarter saw us maintaining our positive trajectory based on the previously announced roadmap. The various teams are actively working on developing client relations, and to seize opportunities across multiple market jurisdictions,” SHUAA’s CEO Fawad Tariq-Khan said.

The firm’s recent acquisition of Kuwait’s Amwal International Investment Company, along with investments in some of its subsidiaries are expected to contribute to boosting liquidity and accordingly carrying out further expansions, Khan added.

At the level of the first nine months, SHUAA's assets and balance sheet amounted to AED 1.9 billion, up from AED 1.2 billion in December 2017, while its turnover reached AED 323.7 million in cash.

SHUAA's stock grew 1.87% to close Monday’s trading session at AED 1.09.