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Shuaa Capital’s net losses leap to AED 866m in 2023

Shuaa Capital’s net losses leap to AED 866m in 2023
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Dubai – Mubasher: Shuaa Capital incurred net losses valued at AED 866.13 million in 2023, higher than AED 135.20 million in January-December 2022.

Revenues amounted to AED 164.73 million last year, compared to AED 287.84 million in 2022, according to the interim financial results.

The company highlighted that the revenues were up 34% year-on-year on a pro forma basis.

Loss per share enlarged to AED 0.34 in 2023 from AED 0.05 a year earlier, while the total assets plunged to AED 1.81 billion from AED 3.47 billion.

Wafik Ben Mansour, Acting CEO of Shuaa Capital, said: “Shuaa’s recent performance linked to past legacy issues has been disappointing for its stakeholders, but we firmly believe that our business has strong fundamentals and value to be unlocked.”

He added: “We are taking a series of decisive actions to re-focus Shuaa around the needs of our clients and stakeholders and we will continue to provide regular progress updates as we look to radically restructure our balance sheet, transform our business model, and enhance our corporate culture.”

In the first half (H1) of 2023, the company turned profitable at AED 20.03 million, compared to net losses valued at AED 164.30 million in H1-22.