SHUAA Capital, the UAE-based financial services firm, has reported a ten-fold increase in net profit for 2014 compared to the previous year but its fourth quarter performance was hit by stock market volatily.
The company said revenues reached AED213 million last year, with net profit of AED25.8 million, up by AED23 million compared to the AED2.8 million recorded in 2013.
But revenues for Q4 were AED25 million, down from AED64 million in Q4 2013 resulting in a net loss of AED14.8 million. This was due to the high volatility in the stock market during the fourth quarter, SHUAA said.
SHUAA said full-year operating expenses dropped to AED165 million from AED174 million in 2013 as rigorous cost control measures were maintained and further reductions in general and administrative costs were recorded.
SHUAA's balance sheet was further strengthened as total assets increased by AED117 million to AED1.6 billion at the end of the year.
Overall, SHUAA's net assets were up at AED1.1 billion.
Sheikh Maktoum Hasher Al Maktoum, executive chairman of SHUAA Capital, said: "We have had a steady start to 2015 and despite market volatility we remain confident that the business will continue to build on the earnings momentum generated in recent quarters.
"I look forward to supporting the new management team as they take the company on to the next stage of its growth."
In December, SHUAA said Sheikh Maktoum Hasher Al Maktoum will be stepping down as executive chairman and as board director this month.
He has presided over the company since May 2011 successfully turning the company around and positioning it for growth.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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