Dubai – Mubasher: Shuaa Capital shifted to net losses worth AED 135.20 million in 2022, against net profits of AED 24.23 million in 2021.

The revenues amounted to AED 265.93 million as of 31 December 2022, down from AED 322.67 million a year earlier, according to the unaudited financial results.

Loss per share stood at AED 0.05 last year, versus earnings per share (EPS) of AED 0.01 during the January-December 2021 period.

Meanwhile, the total assets plummeted to AED 3.44 billion in 2022 from AED 5.76 billion in 2021.

Income Statements for Q4-22

During the fourth quarter (Q4) of 2022, the company’s net profits hiked by 114% year-on-year (YoY) to AED 9.20 million, whereas the revenues declined by 38% YoY to AED 50.80 million. 

Fawad Tariq Khan, Group CEO of Shuaa Capital, said: "2022 was a crucial year for Shuaa. We executed a plan for a simpler, more focused financial services firm, built around client needs and innovative investments.”

Khan added: “As 2023 opens, we remain committed to our core mission and building on our leading franchise in the Middle East to grow our business and deliver significant value creation for our clients and shareholders.”

In the first nine months (9M) of 2022, the DFM-listed company swung to net losses attributable to the shareholders worth AED 144.36 million, compared to net profits of AED 88.73 million in 9M-21.