Shuaa Capital’s Q1 profit weakens due to asset impairment

Dubai-based investment bank Shuaa Capital reported lower first-quarter net profit after it recognized impairment of intangible assets worth 31 million dirhams ($8.4 million).

Net profit attributable to parent company owners for the three-month period ending March fell to Dh5.6 million from the Dh25 million reported in the same period last year, the company said. company in a statement Thursday to the Dubai Financial Market, where its shares are traded.

Without the impairment, the company’s net profit would have jumped 46% to 37 million dirhams without the impairment, Shuaa said.

“The company has successfully managed significant headwinds since the start of the year: the war in Ukraine and associated geopolitical uncertainties, accelerating inflationary pressures and rising commodity prices, as well as uncertainty and increased market volatility,” said Jassim Alseddiqi, group chief executive. from the capital Shuaa.

“The strengths of our business model are the high degree of diversification and our ability to adapt quickly and take advantage of market opportunities while continuing to focus on growing our recurring revenues and strengthening our balance sheet.”

More soon…

Updated: May 12, 2022, 08:34

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