Dubai – Mubasher: Shuaa Capital shifted to net profits attributable to the equityholders worth AED 20.03 million in the first half (H1) of 2023, against net losses of AED 164.30 million in H1-22.

The UAE-based firm posted an annual plunge in total income to AED 99.29 million during H1-23 from AED 216.69 million, according to the consolidated interim financial results.

Earnings per share (EPS) attributable to the owners hit AED 0.01 during the first six months (6M) of 2023, versus a loss per share valued at AED 0.06 in the year-ago period.

Income Statements for Q2-23

During the second quarter (Q2) of 2023, the company also turned profitable at AED 5.32 million, compared to net losses worth AED 169.92 million a year earlier.

Total income shrank to AED 44.42 million in Q2-23 from AED 85.11 million in Q2-22. Meanwhile, the EPS reached AED 0.002, versus a loss per share of AED 0.070.

Fawad Tariq Khan, Group CEO of Shuaa Capital, highlighted: "The H1 results underline Shuaa’s robust return to strong profitability, driven by our commitment to simplifying our balance sheet structure and reducing debt liabilities.”

Khan indicated: “Our Investment Banking segment has seen a significant uptick in performance, with a revenue increase of 25% compared to H1-22, and expectations to further strengthen our advisory capacity with our recent senior hires.”

In Q1-23, the DFM-listed company logged net profits attributable to the owners valued at AED 14.71 million, compared to AED 5.61 million as of 31 March 2022.