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Dubai-based SHUAA Capital's revenues for the second-quarter 2019 increased to AED47.5 million, up from AED30.8 million from the corresponding 2018 quarter and representing an increase of 54.4 percent.
The quarter saw Dubai-based financial services provider registering AED31.6 million in losses (Q2 2018: AED14.6 million profits), with an H1 2019 loss of AED56.5 million, compared to a profit of AED26.3 million in H1 2018 reflecting the one-off transaction costs relating to the combination with Abu Dhabi Financial Group, ADFG, as well as final provisions of c. AED13.5 million towards exposure to legacy investments.
The second-quarter financial results will be the final set of earnings that SHUAA releases as a stand-alone entity, with third-quarter results to combine the earnings of the new and enlarged financial group of companies.
The company also announced the appointment of Masood M. Sharif Mahmood to the Board of Directors. Masood currently serves as Chief Executive Officer of Yahsat and previously worked in Mubadala’s Information and Communications Technology unit.
Fawad Tariq-Khan, CEO of SHUAA Capital, said, "SHUAA’s final set of quarterly earnings reflect the completion of expenses and provisions relating to the merger as well as legacy investments. More importantly, our operating lines continue to grow in revenue and these will continue to serve as crucial elements for the new and enlarged entity well into the future. Following the completion of the merger, the various teams at SHUAA and ADFG are now investing considerable joint efforts building a solid long-term road map for this newly created regional financial powerhouse. We look forward to announcing our Q3 and Q4 results."
As of 30th June, 2019, SHUAA’s balance sheet and total assets were AED2.2 billion, with net assets at AED762.2 million.
With the final regulatory approvals for the merger now obtained and SHUAA having increased its share capital, the company will be calling for a general assembly meeting with shareholders, subject to regulatory approvals, to increase the number of its Board members as well as approve the transitioning of the SHUAA Capital name and brand to ADFG, as previously disclosed.
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