WASHINGTON: Shuaa Capital reported financial results for the third quarter ended September 30, 2015, showing that revenues and net loss were at Dh34.3 million and Dh28.6 million, respectively, compared with revenues of Dh71.8 million and a net profit of Dh26.2 million in the same period last year.
The net loss for the first nine months of the year ended September 30 was Dh28.5 million as opposed to a profit of Dh40.7 million for the year-ago period. Revenues for the same period stood at Dh138.1 million compared to Dh188.0 million in the corresponding period in 2014.
“Difficult market conditions in combination with macroeconomic uncertainty created a volatile operating environment during the third quarter,” said Abdul Rahman Hareb Rashed Al Hareb, chairman of Shuaa Capital.
“Despite this, a number of encouraging highlights can be deduced from our financial performance. For instance, growth in interest income, further expansion of the loan book and continued reduction of G&A expenses are positive steps towards improving our bottom line and enhancing revenue generating capabilities – a key target as we continue to position the company for future growth.”
Interest income for the quarter continued to improve to Dh42.1 million, representing an increase of 31 per cent compared to the third quarter of 2014 (Dh32 million), while net fees and commissions were reported at Dh9.2 million. Total expenses grew to Dh61.5 million mainly due to a rise in provisions related to the SME lending division, and continued investment into expansion of the sales force in the capital markets division.
