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Shuaa Capital, the region’s leading asset management and investment banking platform, announced a net profit attributable to shareholders of AED 15 million (US$ 4.08 million) in the first quarter, a 60% increase from the fourth quarter of 2022.
Total revenue for the first quarter of 2023 was AED 60 million, driven by recurring revenue generation across all divisions.
The cost-to-income ratio in the first quarter of 2023 was 53%, down from 89% in the fourth quarter of 2022, due to a stable revenue base and strict cost controls, the company said.
Shuaa said the Dh15 million net profit was driven by strong performance from the real estate business, resilient fee performance from managed funds, and strong transaction and advisory fees.
It said deleveraging would continue in 2023, with a further reduction of AED400 million in debt this year.
Fawad Tariq Khan, Group Chief Executive Officer of Shuaa Capital, said: “Our first quarter results demonstrate continued progress in Shuaa’s de-integration and diversification strategy, while providing value for our investors. and shareholders have delivered strong operating income and sustainable returns.” “We continue to remain resilient and look forward to delivering unmatched investment products and value-added returns to our clients. Shuaa’s long-term track record of delivering best-in-class service speaks for itself, We will continue to exceed expectations, pursue new opportunities and expand our horizons.” – TradeArabia News Service
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