Dubai – Mubasher: Shuaa Capital achieved AED 24.97 million net profits attributable to the owners during the first quarter (Q1) of 2021, against net losses of AED 261.895 million in the same quarter of 2020, according to the company's consolidated interim financials for the three-month period ended 31 March 2021.
The company's revenues jumped by 42% to AED 102 million in Q1-21 from AED 72 million in Q1-20, attributed to the company's recurring business which continues to grow above the average of the last four quarters.
The earnings before interest, tax, depreciation, and amortisation (EBITDA) reached AED 75 million in the first three months of 2021, compared with a negative EBITDA of AED 202 million in the year-ago period.
The earnings per share (EPS) settled at AED 0.01 in Q1-21, against losses per share of AED 0.10 in Q1-20.
The Group CEO of Shuaa Capital, Jassim Alseddiqi, said: "With Q1 profits having hit a 10-year high, the landmark transactions and the momentum we are currently seeing across the firm going into Q2 have both been very encouraging and reinforce our commitment to the continued execution of our strategic agenda."
It is noteworthy to mention that in 2020, the company's consolidated net profits hiked by 168% to AED 125.263 million, compared to AED 46.813 million in 2019.
