SHUAA Capital delivers strong profitability in the first half of 2023

SHUAA Capital delivers strong profitability in the first half of 2023

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 StatementH1 2023H1 2022% YoY
Net Operating Income*AED 32.4mAED 2.9m10x
Expenses*(AED 66.8m) (AED 155.0m) (57%)
Net ProfitAED 20.0m (AED 164.3m) +112%

*excluding one-off items and carry expense

Key metrics H1 2023H1 2022% YoY
Cost-Income Ratio67%98%(31%)
Leverage Ratio0.88x1.23x (35%)

Key financial review

Segmental 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”.