Dubai – Mubasher: The net profits attributable to the owners of Shuaa Capital declined by 68% year-on-year (YoY) to AED 39.76 million in 2021 from AED 125.26 million.

The company generated revenues worth AED 349.48 million last year, compared to AED 538.51 million in 2020, the interim financial results showed on Tuesday.

The Dubai-based investment company's assets retreated to AED 5.72 billion in the twelve-month period that ended on 31 December 2021 from AED 6.04 billion in 2020.

Earnings per share went down to AED 0.02 in 2021 from AED 0.05 in the previous year.

In a separate press release, the company said its net profits would have stood at AED 229 million in 2021 before an amount of AED 189 million one-off charges related to valuation impairments had been registered. 

The Group CEO of Shuaa Capital, Jassim Alseddiqi, said: "As we draw an end to cleaning up legacy and non-core investments and portfolios, our focus is now solely on driving revenues and shareholder returns whilst maintaining a strict discipline on costs."

Alseddiqi added: "We remain confident about the numerous and long-term opportunities for our business. In addition, we are excited about finding new ways to grow our business and differentiate our offerings."

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