Shuaa Capital scores a Dh5m profit in first-half 2020 on investment gains, asset disposals
The asset management company Shuaa Capital managed a Dh5 million attributable net profit for first-half 2020 in what has been an exceptionally difficult trading environment. If mark-to-market losses on portfolio investments are discounted, Shuaa’s net profit would have been Dh164 million, while EBITDA (earnings before interest, tax, depreciation, amortization) would have swelled to Dh284 million. In the first half of 2019, the asset management company reported a loss of Dh56.5 million. “Whilst COVID-19 as well as the economic and geopolitical challenges will continue to impact overall business and market activity for some time, our business model is calibrated around seizing opportunities across economic cycles, geographies, and products,” said Jassim Alseddiqi, CEO. |
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