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Dubai asset management firm Shuaa Capital looks forward to “broadening” its investment banking business as it posted a 40 percent year-on-year increase in net profit for the first nine months of the year on the back of stable revenues and strong performance in its public markets fund.
Shuaa Capital saw its net profit grow to 89 million dirhams ($24.2 million) in the January-September period compared to 64 million dirhams a year earlier.
Quarter-on-quarter net profit attributable to shareholders also went up by 19 percent to 35 million dirhams, while operating expenses declined 39 percent to 51 million dirhams over the same period.
Commenting on the results, Shuaa Group CEO Jassim Alseddiqi said the company has demonstrated its resilience and ability to manage costs as it continues to invest in improving its core offerings.
“With the significant headcount expansion in 2021, our focus is now firmly on growing our recurring revenue streams, building permanent capital vehicles in asset management and broadening our footprint in investment banking,” Alseddiqi said.
The company has $14 billion in assets under management. Early this year, it acquired a stake from Spotify rival Anghami for an undisclosed amount. The Lebanon-based music streaming platform is looking to list on Nasdaq through a merger with a special purpose acquisition company (SPAC), Vistas Media Acquisition Co.
“Our role in the upcoming listing of Anghami on Nasdaq further demonstrates the breadth of our capabilities, and we remain on track to complete the transaction by the end of the year,” said Alseddiqi.
“I believe that with all these exciting developments underway, we have laid the foundation for sustainable growth. As we enter the final quarter with positive momentum, I look forward to the remainder of the year with confidence.”
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021
