02 August 2009
Second Quarter Net Profit of AED 92 Million
SHUAA Capital, the leading financial services institution in the GCC, today reports results for the second quarter of 2009. Net profit for the quarter was AED 91.7 million, up 37 % from AED 67.1 million in the second quarter of 2008. Diluted earnings per share were AED 0.086, versus AED 0.067 for the same period last year.
Operating income during the second quarter was AED 169.1 million compared to AED 176.6 million in 2008. The current quarter operating income was affected by positive effects on net income from investment securities of AED 95.8 million compared to AED 17.4 million during the second quarter of last year, an increase of 450%. Fee businesses remained profitable, contributing AED 53.1 million to net operating income.
Operating Expenses recorded a drop of 27% year-on-year, from AED 110.4 million in 2008 to 80.6 million in the second quarter of 2009.
Mr. Majid Al Ghurair, Chairman of SHUAA Capital, commented: "This was a very important quarter for SHUAA. The positive performance clearly demonstrates the strength of our franchise and our management’s ability to continue to operate successfully under the most difficult and demanding market conditions. To the background of the multitude of challenges we have faced, we are particularly heartened with this positive result."
Mr Iyad Duwaji, Chief Executive Officer of SHUAA Capital said: "We are pleased that we have turned the corner after three very difficult quarters. The financial industry is a cyclical one and the downturn in this cycle has been the most severe in the past 80 years. Nonetheless, we remain positive on the outlook for our industry and SHUAA’s position as a market leader. We also continue to believe in the market opportunity the GCC region represents - both in the short and in the long term."
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About SHUAA Capital psc: Since 1979, SHUAA Capital has played a prominent role in shaping the financial services landscape of the GCC and will continue to be at the vanguard of regional integration into global financial markets. SHUAA Capital maintains leadership positions in Investment Banking, Asset Management, Brokerage, Private Equity and Lending. Headquartered in Dubai, in the United Arab Emirates, SHUAA Capital has a regional presence with offices in Abu Dhabi, Riyadh, and Doha. Embedded in the dynamic economic environment of the Gulf Cooperation Council, SHUAA Capital provides a broad range of financial services to corporations, governments, institutional clients, and high net worth individuals.
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