Dubai’s Shuaa Capital returns to profit following ADFG merger

      Published on Friday, 15 November , 2019      223 Views     
Dubai’s Shuaa Capital returns to profit following ADFG merger


Dubai-based Shuaa Capital on Thursday announced it had returned to profit following its merger with Abu Dhabi Financial Group (ADFG) which was completed in August.

Net income for the three months ended September 30 was AED21.8 million, driven by an AED31.2 million contribution from ADFG.




Results also showed a considerably enhanced balance sheet for the group following the merger, with retained earnings of AED153.8 million.

The company said in a statement that a clear focus on building permanent capital vehicles will drive recurring revenue streams in the asset management business, and the creation of a dedicated non-core unit will help release capital, de-leverage the group and refocus on providing capital-efficient services in the investment bank.

It added that integration of the two companies is well underway and on track, with new operating segments defined and revenue and cost synergies being realised.

The asset management business oversees assets under management of about $13 billion, while, against a backdrop of market headwinds and continuing geopolitical uncertainty, the investment bank strengthened its focus on capital efficient businesses.

Jassim Alseddiqi, group CEO, said:



“The consolidated Q3 results demonstrate the early benefits of the transformational merger between Shuaa Capital and ADFG. Underpinned by ADFG’s contribution to profitability, we are already seeing the value that the transaction is delivering for our shareholders in Q3, which saw Shuaa Capital return to profit.”

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Category Business | 2019/11/15 latest update at 4:15 PM
Source : Arabian Business | Photocredit : Google
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