Shuaa Capital recorded 25.3 million Emirati dirhams ($6.8 million) in revenues compared to Dh 8.3 million during the same period last year. Net income after operating expenses and minority interest came in at eight million dirhams.
Net operating income, after accounting for interest expense and provision charges, has increased by 213 percent from the comparative period to reach Dh 21.7 million. “We worked to diversify our revenue sources, which were transformed in a couple of scenarios, such as acquiring companies that can support our operations and integrate with our products,” said Company Chairman, Majid Saif Al-Ghurair.
“During the first half, these subsidiaries contributed a total of Dh 6.7 million to our revenues. Also, fruitful results came from the performance of our managed funds which outperformed the major benchmark indices for equities and fixed income,” Al-Ghurair added.
By the end of the second quarter, the Emirates Equities Fund was up 5.2 percent on annualized bases, the Arab Fixed Income Fund was up 10 percent on annualized bases and the Arab Gateway Fund was up 8.6 percent year to date.
“On a growth basis of Dh 23 million compared to our shareholders equity of Dh 350 million, translates to a 7.2 percent return in six months,” said CEO of Shuaa Capital, Iyad Dawaji. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
