Dubai – Mubasher: Shuaa Capital incurred net losses valued at AED 288.60 million in 2024, down year-on-year (YoY) from AED 906.60 million.
Revenues dropped to AED 88.90 million at the end of December 2024 from AED 120.50 million in 2023, according to the preliminary financial results.
The DFM-listed company also announced AED 85 million in binding commitments for its planned Mandatory Convertible Bond (MCB) issuance.
The issuance, which is set to launch following the approvals of the shareholders and regulatory authorities, is expected to be finalised by the end of March 2025.
Wafik ben Mansour, Group CEO of Shuaa Capital, said: “Our capital optimisation plan is near completion, providing a robust foundation for the company’s future growth. The positive investor interest and feedback received for our MCB issuance is a testament to the progress we have made, and we look forward to concluding this process before 31 March 2025.”
In the first half (H1) of 2024, Shuaa Capital turned to net losses valued at AED 125.61 million, compared to net profits worth AED 9.01 million in H1-23.
