Shuaa reports strong growth in core revenues

Shuaa Capital reported on Tuesday a full-year profit of Dh24 million after getting impacted by net one-off charges of Dh203 million.

The region’s leading asset management and investment banking platform said its net profit for 2021 excluding one-off charges was Dh227 million.

The investment firm said in a statement: “The results demonstrate continued progress in delivering on the group’s strategic agenda. While net profit for Shuaa and its subsidiaries of Dh24 million was down 81 per cent year on year from Dh125 million in 2020, the result included one-off charges of net Dh 203 million in the fourth quarter mainly relating to valuation impairments following the decision to accelerate the restructuring of a legacy, illiquid investment portfolio.”

“Our core revenues continue to show progress towards the high-quality revenues targeted within our strategy, with net fee and commission income up by 21 per cent year on year to Dh265 million in the year, while controlling expenses with operating expenses up 6.0 per cent year on year, with targeted strategic hiring across the business.”