Dubai's Shuaa posts best quarterly profits for a decade

Shuaa Capital CEO says Q4 is expected to be 'another game changing quarter' for financial company
Dubai's Shuaa posts best quarterly profits for a decade
Dubai-based Shuaa Capital reported net profits of AED30.1 million for Q3.
By Sam Bridge
Mon 05 Nov 2018 07:28 PM

Dubai-based Shuaa Capital on Monday reported net profits of AED30.1 million ($8.1 million) for the third quarter of 2018, up 31 percent year on year and the company’s highest quarterly figure since 2008.

Year to date, net profits stood at AED56.4 million, down slightly from AED59.8 million for the same period last year, Shuaa said in a statement.

Fawad Tariq-Khan, Shuaa’s chief executive, said: “The third quarter saw us maintaining our positive trajectory based on the previously announced road map. The various teams are actively working on developing client relations, and to seize opportunities across multiple market jurisdictions."

He said he expected the final quarter of this year to be "another game changing quarter" for the company.

As of the end of September, Shuaa’s balance sheet and total assets were AED1.9 billion, he said, adding that its liquidity position is healthy with AED323.7 million in cash.

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