SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, has announced its H1 2023 financial results. Net profit attributable to shareholders was AED 20 million, compared to an AED 164 million loss in H1 2022.
Group Financial Highlights
|Income Statement||H1 2023||H1 2022||% YoY|
|Net Operating Income*||AED 32.4m||AED 2.9m||10x ⇧|
|Expenses*||(AED 66.8m)||(AED 155.0m)||(57%) ⇧|
|Net Profit||AED 20.0m||(AED 164.3m)||+112% ⇧|
*excluding one-off items and carry expense
|Key metrics||H1 2023||H1 2022||% YoY|
Key financial review
Delivering on our mission statement
SHUAA’s mission is to create sustainable value for clients, employees and shareholders by engineering innovative investment solutions and differentiated product offerings for institutional clients and high-net-worth individuals. The firm’s disciplined approach includes focusing on core businesses, divesting non-core assets, and managing risk effectively in a rapidly evolving operating environment.
“The first-half results underline SHUAA’s robust return to strong profitability, driven by our commitment to simplifying our balance sheet structure and reducing debt liabilities,” said Fawad Tariq Khan, Group Chief Executive Officer of SHUAA Capital. “Our existing portfolio and assets under management (AuM) reflect our strategy to diversify and boost our recurring fee income. Our Asset Management strategy continuously seeks out new investment opportunities and creates investment products for our increasingly diversified investor base. Moreover, our Investment Banking segment has seen a significant uptick in performance, with a revenue increase of 25% compared to H1 2022, and expectations to further strengthen our advisory capacity with our recent senior hires”.