Shuaa Capital posts Dhs20m net profit in 3rd quarter

Shuaa Capital (Shuaa), the leading asset management and investment banking platform in the region, has announced its financial results for Q3 2022. In the third quarter, Shuaa and its subsidiaries (the “Group”) reported a net profit attributable to shareholders of Dhs20 million compared to a net loss of Dhs170 million in the previous quarter. The Group reported a net operating income (excluding one-off items) of Dhs14 million compared to Dhs6 million in Q2 2022 as recurring revenues continue to build a stable moat and cost optimization measures taken earlier starting to improve profitability.

In the third quarter, Shuaa delivered another set of strong recurring revenues of Dhs60 million across all business segments of the Group.

The Group’s Asset Management segment delivered a healthy performance of Dhs31 million of revenues, driven by the strong contribution from fee earning AuM within real estate as well as managed public and private market funds.

The Group’s Investment Banking business reported revenues of Dhs5 million due to higher advisory and trading income compared to the second quarter.

Northacre recently announced project completion of The Broadway, a $1.5 billion+ contemporary residential and mixed-use development with unrivalled views across Westminster and St James’s Park in London.

Revenues from our Corporate segment remained robust at Dhs24 million amidst prolonged market volatility.  In line with our strategy of divesting non-core assets, we expect revenues from the corporate segment to run off in the coming quarters.