SHUAA Reports AED 188.0m Revenues and AED 40.7m Net Profit in First Nine Months of 2014

DUBAI, UAE, November 16, 2014 /PRNewswire/ --

Third quarter 2014 highlights: 

• Total revenues were up 31.1% to AED 71.8m
• Net profit attributable to shareholders increased to AED 26.2m
• All business divisions were profitable, including the corporate division
• 9.3% growth in interest income to AED 32.0m
• 63.2% growth in net fees & commissions to AED 19.4m

Nine months 2014 highlights: 

• Total revenues up 40.0% to AED 188.0m
• Net profit increased to AED 40.7m from net loss last year
• 23.2% growth in interest income to AED 94.7m
• 91.6% growth in net fees and commissions to AED 54.2m

Balance Sheet highlights: 

• Stable asset base of AED 1.499bn in total assets
• 17.1% increase in cash and deposits with banks to AED 221.8m
• 10.0% reduction of total liabilities to AED 338.2m

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Further to the publication of its preliminary results on 13 October 2014, SHUAA Capital today presented its auditor-reviewed interim condensed consolidated financial information for the third quarter and nine month period ended 30 September 2014.  

As previously reported, for the third quarter, revenues were up 31.1% to AED 71.8 million as compared to AED 54.8 million reported in Q3 2013. Net profit was AED 26.2 million, representing a six-fold increase on the same period last year of AED 3.6 million.

Net fees and commissions were AED 19.4 million, up AED 7.5 million on the AED 11.9 million reported in Q3 2013. Investments in SHUAA managed funds reported a profit of AED 20.3 million, a year-on-year increase of AED 8.2 million. Total expenses were reduced by AED 4.9 million to AED 45.9 million in the third quarter, as the business continues to manage costs while growing revenue.

For the nine month period, revenues were AED 188.0 million, a 40.0% increase from AED 134.3 million during the same period last year.  Net profit attributable to shareholders was AED 40.7 million, compared to a loss of AED 0.96 million during the same period last year.

SHUAA maintains a very strong balance sheet and healthy liquidity position. As of 30 September 2014, SHUAA had cash and deposits with banks of AED 221.8 million, a 17.1% increase from year-end 2013. Total assets were AED 1.499 billion, up fractionally from AED 1.489 billion in Dec 2013. Total liabilities were AED 338.2 million, down 10.0% compared to year-end 2013.

HH Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of SHUAA Capital, commented on the financial results:  

"These results represent the strongest performance of the company since 2009, both on a quarterly and nine month period basis. We have seen substantial gains across the business year on year and all divisions are performing well, benefitting from growing client activity.  Fees and commissions, which represent higher quality earnings, have grown substantially thanks to the performance of both Asset Management and Investment Banking."