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Shuaa Capital’s profit falls 63% in 2018

Shuaa Capital’s profit falls 63% in 2018
The group’s revenues rose to AED 165.18 million in 2018
Shuaa
SHUAA
-8.06% 0.11 -0.01

Dubai – Mubasher: Shuaa Capital on Thursday announced a 63.3% year-on-year profit drop for the full-year 2018.

Net profits amounted to AED 27.18 million in 2018, compared to AED 74.01 million in 2017, according to the company’s statement to the Dubai Financial Market (DFM).

Meanwhile, the group’s revenues rose to AED 165.18 million last year, versus AED 134.61 million in 2017.

“During the year we continued executing our turnaround strategy and completed acquisitions of Integrated Securities, Integrated Capital and Amwal Investments, adding cash flow generative businesses that have significant cross-sell opportunities and allowing us to distribute our first dividend in ten years,” Fawad Tariq-Khan, CEO of Shuaa, commented.

By the end of the year, Shuaa’s balance sheet and total assets recorded AED 2.1 billion.

“The Group’s liquidity position was strong with AED 441.4 million in cash. Liabilities increased to AED 1.2 billion from AED 325.4 million in 2017,” the statement highlighted.

By 10:38 am UAE time, Shuaa’s stock stood at AED 0.78.