SHUAA Capital records profit of $9.3 million in 1H 2003
Dubai-based investment bank SHUAA Capital recorded a half-year net profit of 34.3 million Emirati dirhams ($9.3 million), compared to eight million dirhams in the comparative period last year.
Revenues increased by 180 percent to Dh 70 million from Dh 25 million for the same period last year. Earnings per share were Dh 0.11 compared to Dh 0.027 a year ago. Shareholders equity increased by Dh 54 million from Dh 351 million at the end of March 2003, to AED 405 million.
The bank attributed the increase to a combination of operating profit and increase in the revaluation reserve on long-term investments. Total assets increased to Dh 723.2 million from Dh 580.5 million last year, while clients' funds under management increased to Dh 480 million from Dh 254 million.
SHUAA Capital was established in 1979 as an investment house, investing and promoting investment into the Arab world, a strategy based initially on private equity investments. The public joint stock company has 300 million shares outstanding, of which 40 percent are open to ownership by all nationalities.
SHUAA Capital was licensed by the United Arab Emirates (UAE) Central Bank in 2000 and became a full fledge financial services company offering a broad range of financial services and products. These include underwriting of securities and other corporate finance activities, investment advisory services, fund and portfolio management and brokerage of local and international securities. — (menareport.com)
© 2003 Mena Report (www.menareport.com)