Dubai's Shuaa Capital swings to small profit in Q2

Investment bank laid off staff in 2011 to cut costs
Dubai's Shuaa Capital swings to small profit in Q2
HH Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of SHUAA Capital.
By Reuters
Tue 06 Aug 2013 10:34 AM

Shuaa Capital, the Dubai-based investment bank, eked out a small profit in the second-quarter helped by growth in its asset management and lending business.

Shuaa, which has laid off staff since 2011 to cut costs, made a net profit of AED1.3m ($353,900) in the quarter, compared with a loss of AED15.9m for the same period last year, it said in a bourse statement on Tuesday.

Quarterly revenues rose 95 percent to AED43.4m, Shuaa said.

HH Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of SHUAA Capital, commented:

“Shuaa has continued to make good progress in the second quarter and this underlines our systematic approach towards generating long term sustained profitability. The second quarter result continues to be in line with our 2013 earnings guidance," said HH Sheikh Maktoum Hasher Al Maktoum, executive chairman of Shuaa Capital.

"The engine room, centred on our market leading SME lending business, has performed well as we have continued to deploy our balance sheet lending to companies both in the UAE and in Saudi Arabia, where there is significant demand for secured asset backed lending."

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