Dubai – Mubasher: The preliminary financial results of Shuaa Capital recorded a 166% surge in its net profits to AED 124.494 million, compared to AED 46.813 million in the previous year.

The company's revenues increased to AED 285.408 million in 2020 from AED 277.918 million in 2019, according to a recent press release.

The company also registered an 87% year-on-year (YoY) rise in the earnings before interest, tax, depreciation, and amortisation (EBITDA) to AED 347.678 million in 2020 from AED 185.741 million in the earlier year.

The earnings per share (EPS) stood at AED 0.05 last year, against AED 0.02 in 2019.

During the fourth quarter (Q4) of 2020, the company's net income attributable to shareholders hit AED 61 million.

Commenting on the company's performance, the Group CEO of SHUAA Capital, Jassim Alseddiqi, said: "We entered 2021 with a strengthened business – having realised further cost and revenue synergies, strengthened our balance sheet and continued to introduce innovative new products which will boost our recurring revenues for the long-term."

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company's net profits jumped to AED 58.67 million from AED 21.749 million in the same quarter of 2019.