Dubai Shuaa Capital swings to Q4 profit

Investment bank made a $1.03m profit, compared to a loss of $5.7m in Q4 2012
Dubai Shuaa Capital swings to Q4 profit
(Photo for illustrative purposes only)
By Reuters
Mon 13 Jan 2014 10:05 AM

Shuaa Capital, the Dubai-based investment bank, swung to a profit in the fourth-quarter of 2013, aided by cost cuts and growth in its core businesses.

Shuaa made a quarterly net profit of AED3.8m ($1.03m), compared with a loss of AED21m in the corresponding period in 2012, it said in a bourse statement on Monday.

Revenue for the quarter surged to AED63m from AED25m in the year-ago quarter.

Net profit for 2013 also jumped, hitting AED2.8m compared to a loss of AED59m in 2012, the filing added.

In December, Shuaa said its chief executive officer, Colin Macdonald, was leaving the firm, the fourth CEO to depart in as many years.

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