SHUAA Capital Reports Profitable First Quarter with Preliminary Results

SHUAA Resources today reveals its preliminary and unaudited Q1 2017 monetary outcomes for the period finished 31 March 2017, with the monetary services solid going back to productivity after two years. The turn-around was owned primarily by gains from proprietary financial investments, a considerable decrease in provisions and rigid expense controls.

Adhering to a strategic business streamlining workout, SHUAA Capital Borrowing device 'Gulf Financing' rebounded from the clinically depressed SME industry to report a significant profit of AED 8.7 million (Q1 2016: loss AED 17.1 million), the department's first rewarding quarter since Q3 2015. Active client servicing and collection initiatives enabled Gulf Financing to substantially connect the arrangements space which fell to AED 1.9 million as compared with AED 34.0 million in the equivalent quarter of 2016. Profits through decreased to AED 20.1 million (Q1 2016: AED 40.6 million), as the device continuouslies focus on healings and de-leveraging its balance report.

The firm's Corporate division reported revenues of AED 16.5 million (Q1 2016: loss AED 11.7 million). The favorable swing was primarily down to earnings from exclusive financial investments paired with a reduction in expenses and boosted effectiveness.

SHUAA Capital's overall revenues for the three months ended 31 March 2017, stood at AED 31.8 million (Q1 2016: AED 45.5 million), while General and Administrative Expenses falling by 31.0% to AED 22.8 million (Q1 2016: AED 33.0 million).

Jassim Alseddiqi, Chairman of SHUAA Resources, claimed: "SHUAA Resources is steadily carrying out the essential steps to return the business to the course of lasting productivity. We are pleased with the strong start to the year and the solid development made to this day, but we likewise recognise that there is still even more job to do and even more obstacles ahead. Our emphasis for the coming quarters is to build on these solid structures by addressing any type of continuing to be heritage issues while recording new possibilities both in the UAE and abroad. SHUAA Resources gets on the means to retaking its place at the leading edge of the region's financial services industry."

SHUAA Resources's Possession Management unit recorded revenues of AED 5.7 million (Q1 2016: AED 9.4 million) throughout the first 3 months of 2017. Revenue throughout the duration was AED 1.4 million (Q1 2016: AED 4.5 million). The device, which takes care of and recognizes premium realty possibilities in both the Kingdom of Saudi Arabia and the United Arab Emirates, remains in the process of turning over a project in Riyadh.

The investment Banking division reported earnings of AED 0.7 million (Q1 2016: AED 1.4 million) and a loss of AED 0.8 million (Q1 2016: AED 0.3 million) through. The Resources Markets department, which manages equities and fixed revenue trading, and Market Making activities on the Nasdaq Dubai Equities and Futures market reported a significant boost in profits to AED 4.2 million (Q1 2016: AED 1.4 million), and a reduction in losses to AED 1.0 million (Q1 2016: AED 2.9 million).

SHUAA anticipates to release its earnings launch and examined acting compressed consolidated financial statements for Q1 2017 in May 2017.