Wednesday, August 12, 2020 – 6:09 PM
DUBAI, August 12th, WAM – The volume of assets managed by “Shuaa Capital” reached $ 13 billion at the end of the second quarter of 2020, compared to 12.8 billion dirhams during the first quarter of this year, which contributes to supporting its plans in terms of enhancing stable and recurring sources of revenue from Through permanent capitalist tools.
“Shuaa Capital”, which is the most prominent platform for asset management and investment banking in the region, announced today its financial results for the first six months of the year 2020, which showed that it achieved a net profit of 5 million dirhams belonging to shareholders, while the net profits before interest, taxes and depreciation were calculated. Depreciation is 125 million dirhams, and the net profits for the first half of the year 2020 amounted to 164 million dirhams, and the net profits before interest, taxes, depreciation and depreciation for the first half also amounted to 284 million dirhams, excluding unrealized losses due to the decrease in the market value of investments.
In a statement posted on the Dubai Financial Market website, the company confirmed that the financial statements for the first half of 2020 reflected its ability to continue generating and developing profits despite the economic, financial and social repercussions resulting from the current circumstances.
Shuaa’s operating income during the second quarter of 2020 reached a total of 86 million dirhams, an increase of 19% compared to the first quarter of 2020, which reflects the group’s success in strengthening its revenues and diversifying its sources.
The company has strengthened its ability to manage its operating capital and cooperate with its subsidiaries and associates to provide optimal financing while ensuring the preservation of customer assets throughout the crisis.
And the two main activity units of the company, namely “asset management and investment banking”, regained their ability to generate profits during the second quarter of 2020 after the net profits before interest, taxes, depreciation and depreciation of the asset management unit reached 41 million dirhams, while the net profits before interest and taxes reached 41 million dirhams. Depreciation and depreciation of the investment banking unit is 8 million dirhams.
During the first half of the year 2020, the work team at the Investment Banking Unit in Shuaa assumed the duties of the Principal Commissioner and the Partner Commissioner to arrange more than $ 500 million in issuances and implement more than $ 1.5 billion in fixed income operations / an increase of 20% on an annual basis. /.
Jassim Al-Siddiqi, CEO of “Shuaa Capital” said that the company is looking forward to exploring more opportunities to maintain its profitability, and to achieve its goals in terms of sustainable growth in the volume of its returns and the volume of assets under its management, in proportion to the interest of its shareholders.
Al-Siddiqi added in a company statement on the Dubai market website today that under these unprecedented circumstances, the health and safety of our employees takes over our priority position, and all our employees have been able to move smoothly to remote work and continue to meet the needs and requirements of our investors and customers without interruption.
The CEO of the company explained: “We were able to continue making profits thanks to the dedication of our employees and their commitment to implementing the principles of our strategic plan during the first six months of 2020.” He said, “We are looking forward to launching a number of new investment funds, and we are committed to continuing to provide long value. Term for our customers and our shareholders. ”
WAM / Nasser Aref / Assem Al-Kholy