Dubai – Mubasher: Shuaa Capital’s net profit surged to AED 73 million during the fourth quarter of the fiscal year 2019, compared to the previous quarter.

Revenues grew by 63% quarter-on-quarter to reach AED 146 million in Q4-19, according to a company statement released on Thursday.

“2019 was a milestone year for the group: In the context of challenging regional and international market conditions and geopolitical uncertainty, we executed on a transformational merger which significantly strengthened the path to value, both for our clients and our shareholders,” Shuaa’s Group CEO Jassim Alseddiqi commented.

During the period from January to the end of December 2019, the Dubai-listed company’s net profit reached AED 45 million.

“We achieved a profitable year, increased our [asset under management] AuM, invested in our people and our platform, expanded our product and distribution capabilities, and strengthened our governance and controls - all whilst concluding a merger in record time, which is already delivering synergies,” Alseddiqi said. 

It is worth noting that Shuaa’s net income went down to AED 21.8 million in Q3-19 after an AED 31.2 million contribution from Abu Dhabi Financial Group.