DUBAI - SHUAA Capital, has announced its financial results for Q3-2020, delivering a solid performance, with net profit of AED 59 million for the third quarter taking Q3-YTD net profit to AED 64 million.
The Group also saw continued strong EBITDA generation with Q3-2020 EBITDA standing at AED 114 million. This performance was primarily driven by positive mark-to-market effects on investment portfolio despite a proactive negative valuation adjustment.
SHUAA's asset management business maintained its solid base and positive trajectory, with assets under management increasing to USD 13.6 billion at the end of Q3-2020 compared to USD 13.0 billion in Q2-2020, driven by net new money, market performance and FX gains.
Commenting on SHUAA's Q3-2020 results, Jassim Alseddiqi, Chief Executive Officer of SHUAA Capital, said: "With a resilient business model in place and a clear strategy to achieve long-term sustainable growth, SHUAA has continued to achieve significant progress in Q3-2020. It is once again testament to our team that despite the considerable ongoing challenges of the current pandemic, we have been able to achieve so much, both operationally - with the successful launch of our new funds in recent months - and financially, strengthening our balance sheet and increasing our earnings visibility going forward.
"Looking ahead, we will remain focused on our strategy, build recurring revenues and fortify our financial position so that, irrespective of the global backdrop, we can continue to succeed and create value for our clients and shareholders."
© Copyright Emirates News Agency (WAM) 2020.