Dubai – Mubasher: Shuaa Capital has announced its consolidated financial results for the third quarter of the fiscal year 2019 which reflect the company’s financial position after the merger with Abu Dhabi Financial Group (ADFG) in August 2019.

Shuaa’s net income reached AED 21.8 million in Q3-19 after an AED 31.2 million contribution from ADFG, according to a company statement released on Thursday.

“Underpinned by ADFG’s contribution to profitability, we are already seeing the value that the transaction is delivering for our shareholders in Q3, which saw SHUAA Capital return to profit,” Shuaa Capital’s group CEO Jassim Alseddiqi commented.

Moreover, group earnings before interest, taxes, depreciation, and amortisation (EBITDA) registered AED 63.3 million and AED 101.4 million excluding foreign exchange-related losses.

“We look forward to providing further details on our strategy, business performance and progress on the integration with our 2019 full-year results release,” Alseddiqi said.

For the first half of 2019, net losses of Shuaa Capital hiked to AED 56.5 million, versus AED 26.3 million in H1-18, reflecting the one-off transaction costs relating to the combination with ADFG.