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Shuaa Capital sees AED 47m profits in 2019

Shuaa Capital sees AED 47m profits in 2019
EBITDA reached AED 186 million in 2019
-1.66% 0.71 -0.01

Dubai – Mubasher: The annual profits attributable to the owners of Shuaa Capital reached AED 46.813 million in 2019 compared to AED 53.236 million in 2018.

The company reported earnings before interest, tax, depreciation, and amortisation (EBITDA) of AED 186 million last year, as shown by its annual consolidated financial statements for 2019.

Earnings per share (EPS) stood at AED 0.02 last year, versus AED 0.04 in 2018.

As a result of the merger created between Shuaa Capital and the Abu Dhabi Financial Group (ADFG) in August 2019, the company expects to achieve synergies of AED 50 million per annum by the second quarter (Q2) of 2021.

Meanwhile, the company has set a strategy for 2020 to have access to new revenue pools, build permanent capital vehicle, digitise the company, and increase profitability, according to the company’s press release on Tuesday.

Commenting on the company’s performance in 2019, the chairman of SHUAA Capital psc, Fadhel Alali, said: “Full integration will enable us to leverage SHUAA's asset management and investment banking capabilities and realize our ambitious growth targets for 2020 and beyond.”

Meanwhile, CEO Jassim Alseddiqi noted that the company's "well-defined strategy sets the foundation for significant and sustainable growth, despite market challenges resulting from COVID-19 and falling oil prices.”

It is noteworthy to mention that during Q4-19, the company’s net profits surged to AED 73 million compared to the previous quarter.