Shuaa Capital recorded 39.2 million Emirati dirhams ($10.6 million) in revenues during the third quarter of the company’s financial year, compared to Dh 19.4 million in the comparable period last year. Net income after operating expenses and minority interests was Dh 11.7 million.
Net operating income, after accounting for interest expense and provisions, increased by 85 percent from October to December 2002 from the comparable period to reach Dh 32 million.
“We are also pleased with the good results of our three managed funds, which returned between 11 and 13 percent annualized in 2002. Going forward, we will be focusing on concluding two more mandates in the current quarter, including an Dh 150 million private equity offering for a UAE company, to be followed by a listing on the DFM,” said CEO of Shuaa Capital, Iyad Duwaji.
Shuaa Capital was established in 1979 as an investment house focused on investing and promoting investment into the Arab World. It has since pursued a strategy based initially on private equity investments and proprietary trading in Arab listed securities and subsequently on investing in the United Arab Emirates (UAE) and Gulf Cooperation Council (GCC) markets. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
