| Revenue | EBITDA | Net Profit | |
|---|---|---|---|
| Q4 2022 | AED 50.8m -38% YoY | AED 38.6m +122% YoY | AED 9.2m +114% YoY |
| FY 2022 | AED 265.9m FY21: AED 322.7m | AED 135.0m FY21: (AED 54.7m) | (AED 135.2m) FY21: AED 24.2m |
Group Financial Highlights
- AED 135 million net loss for fiscal year 2022 driven by one-off charges taken in first half of the year attributed to accelerated amortization of intangible assets and other non-cash items
- AED 135 million EBITDA (vs. AED 54.7 million loss for FY 2021) reflects improving performance in underlying core operations, recurring revenue and cost discipline measures implemented
- Debt-to-Equity ratio improvement to 106% (vs. 134% at FY 2021) driven by c. AED 200 million debt repayments during the year and deconsolidation of c. AED 2 billion of non-recourse liabilities
- Simplification of balance sheet with deconsolidation of c. AED 2 billion of assets reducing the volatility of earnings in future and simplified capital structure of the Group
Strong Q4 reflects strategic transformation
- Launched three new Shariah-compliant funds, bringing assets under management (AuM) on a Shariah-compliant platform managed by SHUAA GMC Ltd, a SHUAA wholly owned FSRA-regulated subsidiary, to USD 230 million. With this launch, the ICC umbrella now offers five funds catering for the strong investor appetite for diversification of their Sharia-compliant investments across geographies and asset classes.
- Announced development of ‘Ocean House’, a prime waterfront property on Palm Jumeirah. This partnership marks the arrival of SHUAA subsidiary, London-based real estate firm Northacre in the region. Northacre also completed and began the handover of its landmark scheme in Central London, The Broadway as well as the No. 1 Palace Street, The St. Regis Residences.
Commenting on SHUAA’s 2022 preliminary results, Fawad Tariq Khan, Group Chief Executive Officer of SHUAA Capital, said: “2022 was a crucial year for SHUAA. We executed on a plan for a simpler, more focused financial services firm, built around client needs and innovative investments. As 2023 opens, we remain committed to our core mission and building on our leading franchise in the Middle East to grow our business and deliver significant value creation for our clients and shareholders.”
