Dubai – Mubasher: Shuaa Capital registered net profits attributable to the owners amounting to AED 14.71 million in the first quarter (Q1) of 2023, an annual jump from AED 5.61 million.

The total income plummeted to AED 54.87 million during Q1-23 from AED 127.58 million in Q1-22, according to the consolidated financial results

Earnings per share (EPS) attributable to the shareholders hit AED 0.010 during January-March 2023, higher than AED 0.002 in the year-ago period.

Meanwhile, the total assets went down to AED 3.46 billion in Q1-23 from AED 3.47 billion as of 31 December 2022. 

Fawad Tariq Khan, Group CEO of Shuaa Capital, commented: "Our first quarter results demonstrate continued progress against Shuaa’s focused strategy to deconsolidate and diversify while delivering strong operating income and sustainable returns to our investors and shareholders.”

"We continue to remain resilient and look forward to providing our clients with unparalleled investment offerings at accretive returns,” Khan added.

The group CEO noted: “Shuaa’s long track record of delivering best-in-class services speaks for itself, and we will continue to exceed expectations as we pursue new opportunities and expand our horizons.”

Last year, the DFM-listed swung to net losses valued at AED 135.20 million, compared to net profits of AED 24.23 million in 2021.