Dubai’s Shuaa Capital yesterday reported a more than six-fold increase in net profit for the three months to September on strong performances by its asset management and investment banking units.
The financial services provider reported preliminary net profit of Dh26.2 million for the quarter – its best quarterly performance for five years. Profit in the year-earlier period was Dh3.6m. Net income since the start of the year was Dh40.7m, compared with a loss of Dh1m last year.
“Our third-quarter performance was driven largely by net gains generated from investments in Shuaa-managed funds, which actively avoided temporary market volatility,” said Sheikh Maktoum Hasher Al Maktoum, the executive chairman. “Overall, these record results are the product of our management team’s successful strategy implementation and our ability to generate profitability from both recurring and non-recurring sources.”
Shuaa’s asset management division had its three-month profits grow nearly 80 per cent to Dh16.3m from Dh9.1m last year.
The investment banking division posted a profit of Dh 1.3m for the quarter versus Dh600,000 during the same period of 2013.
Net profit for the company’s lending division increased by 150.5 per cent to Dh9.7m for the quarter, underpinned by increasing demand for funding from small and medium enterprises (SMEs) in the UAE and Saudi Arabia.
The Shuaa subsidiary Gulf Capital announced this month that it was opening a new centre in the Mussaffah area of Abu Dhabi, signalling increased interest in services for small businesses.
Shuaa, the UAE’s oldest investment bank, was hit hard by the bursting of Dubai’s property bubble and the global financial crisis, posting four straight years of losses.
The appointment of Sheikh Maktoum as executive chairman in 2012 brought with it a change of strategy – focusing more on increasing recurring revenue in credit markets and lending to SMEs.
Such an approach, together with a cost-cutting programme and improving economic conditions in Dubai, helped Shuaa to return to profit last year.
The company’s shares yesterday were among the top-performing equities on the Dubai Financial Market, which endured volatile trade after a major sell-off on Sunday.
jeverington@thenational.ae
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The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
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Director: Amith Krishnan
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Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
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ABU DHABI ORDER OF PLAY
Starting at 10am:
Daria Kasatkina v Qiang Wang
Veronika Kudermetova v Annet Kontaveit (10)
Maria Sakkari (9) v Anastasia Potapova
Anastasia Pavlyuchenkova v Ons Jabeur (15)
Donna Vekic (16) v Bernarda Pera
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
The biog
Year of birth: 1988
Place of birth: Baghdad
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Kesha
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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Kanguva
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
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Results
RESULTS
Time; race; prize; distance
4pm: Maiden; (D) Dh150,000; 1,200m
Winner: General Line, Xavier Ziani (jockey), Omar Daraj (trainer)
4.35pm: Maiden (T); Dh150,000; 1,600m
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Singham Again
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Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
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France and Covid-19
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BeIN Sports currently has the rights to show
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- Wimbledon and other tennis majors
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Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
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MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
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Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”