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Wed 6 Feb 2008 09:09 AM

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Shuaa Capital announces record profit

DP World IPO boosts quarterly figures for Dubai-based investment bank.

Dubai-based Shuaa Capital smashed all previous records, posting its biggest quarterly profit ever after helping arrange a $5 billion initial public offering (IPO) for DP World.

Net income in the three months to December 31 rose more than four-fold to 213.02 million dirhams ($58.01 million), compared with 49.5 million dirhams in the year-earlier period, newswire Reuters calculated, based on nine-month data the bank gave on Wednesday.

Shuaa's fiscal year begins on April 1.

The DP World IPO, the Middle East's biggest, closed in November. Dubai Islamic Bank unit Millennium Capital, Deustche Bank AG and Merrill Lynch & Company were the other arrangers.

"It's partly linked to that," Chief Operating Officer (COO) Kerim Mitri told Reuters of the profit and IPO. "But a lot of other businesses contributed significantly to the bottom line."

Net profit in the nine months ended December 31 was 341.57 million dirhams, compared with 154.61 million dirhams in the year-earlier period, Shuaa said in a statement, without giving quarterly data.

The company made a profit of 128.55 million dirhams in the first half of its financial year, according to statements posted on the bourse regulator's Web site. (Reuters)

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