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SHUAA Capital has reported full-year results for 2017 with the company achieving its highest sustained full-year earnings since 2007.
In what has been widely viewed since the first quarter as a clear model of a turnaround story, the Middle East and North Africa’s most recognized financial brand, SHUAA, reported 74 million dirhams ($20.2 million) in profits for 2017, a 156 percent improvement over 2016’s loss of 132.5 million dirhams.
Fourth quarter results saw a notable emergence from a Q4 2016 loss of 18.9 million dirhams, rising to a profit of 14.2 million dirhams for Q4 2017.
Revenues for the last quarter of 2017 were 42.8 million dirhams, a 22 percent increase on Q4 2016 revenues of 35.1 million dirhams.
In the midst of a challenging year for regional markets and under the guidance of a strategy built on strong fundamentals, all SHUAA business lines attained optimal performance levels and maintained healthy revenue streams.
The asset management division continued its strong performance and increased profitability by 105 percent to 17 million dirhams. The division delivered its second centrally located project during the year, the Centro Waha Hotel in Riyadh.
This division continued work on other key and strategically located projects such as the prominent Wadi Al-Hada mixed-use complex, and others, some of which may launch during 2018. In September, SHUAA unveiled the “Dubawi” real estate project, the up-and-coming new landmark on Sheikh Zayed Road in Dubai.
Jassim Al-Seddiqi, chairman of SHUAA Capital, said: “At SHUAA Capital, we are proud of the company’s legacy and are committed to its future. We certainly had our work cut out for us in 2017; from re-building the company’s foundation, to executing a new sector-specific strategy and optimizing divisional and human asset performance, the achievements of 2017 are solid proof that our new roadmap has put us on the path for long-term growth. We will continue to be market disruptors and roll out innovative and niche products and services.
“Our pole positions in capital markets and real estate asset management are testament to how we are making a difference in an over-crowded financial marketplace. We will continue to seize strategic opportunities.”