Dubai – Mubasher: Shuaa Capital shifted to net losses valued at AED 125.61 million in the first half (H1) of 2024, against net profits of AED 9.01 million in H1-23.
Total revenues dropped year-on-year (YoY) to AED 50.11 million in January-June 2024 from AED 97.45 million, according to the unaudited financial results.
Loss per share hit AED 0.05 in H1-24, against an earnings per share (EPS) of AED 0.01 a year earlier.
Total assets amounted to AED 1.37 billion at the end of June 2024, versus AED 1.72 billion as of 31 December 2023.
Income Statements for Q2
In the second quarter (Q2) of 2024, the company's net losses widened to AED 30.88 million from AED 10.64 million in Q2-23, while the revenues shrank to AED 19.92 million from AED 37.73 million.
The loss per share recorded AED 0.010 in April-June 2024, compared to a profit per share of AED 0.002 in the year-ago period.
Accumulated Losses
Shuaa Capital registered accumulated losses valued at AED 945 million as of 30 June 2024, accounting for 37.28% of the share capital.
Wafik ben Mansour, Group CEO of SHUAA Capital, said: “SHUAA’s robust platform and solid operating performance have been overshadowed by the accumulation of underperforming principal investments in recent years.”
“Looking ahead, we will refocus on our core financial services business, delivering exceptional service and innovative products to our valued clients and the community, as we have done for the past 45 years,” he added.
The Group CEO concluded: “I am fully committed to successfully completing our capital optimization plan and laying a new foundation for sustained growth and value creation.”
In Q1-24, Shuaa Capital incurred net losses of AED 94.73 million, versus a net profit of AED 19.66 million a year earlier.
