Shuaa Capital, a leading asset management and investment banking platform in the region, has announced a net profit attributable to shareholders of AED15 million ($4.08 million) in Q1, up 60% compared to Q4 2022.
Total revenues of AED60 million in Q1 2023 was driven by recurring revenue generation across all segments.
Cost to income ratio stood at 53% in Q1 2023, significantly lower than 89% in Q4 2022 due to stable revenue base and firm cost discipline, it said.
The net profit of AED15 million was driven by the outperformance from real estate business, resilient fee performance from managed funds and robust trading and advisory fees, Shuaa said.
Deleveraging will continue in 2023, with a further AED400 million of debt reduction identified this year, it said.
"Our first quarter results demonstrate continued progress against Shuaa's focused strategy to deconsolidate and diversify while delivering strong operating income and sustainable returns to our investors and shareholders,” said Fawad Tariq Khan, Group Chief Executive Officer of Shuaa Capital. "We continue to remain resilient and look forward to providing our clients with unparalleled investment offerings at accretive returns. Shuaa's long track record of delivering best-in-class services speaks for itself, and we will continue to exceed expectations as we pursue new opportunities and expand our horizons.” - TradeArabia News Service
&uuid=(email))