Dubai-based asset manager Shuaa Capital has posted its first profitable results since merging with Abu Dhabi Financial Group to form the region’s largest asset manager.
Net income for the last quarter was AED21.8 million ($5.93 million) helped by an AED31.2 million contribution from ADFG. Retained earnings also grew to AED153.8 million.
Group chief executive Jassim Alseddiqi used the quarterly results to extol the benefits of the ADFG merger, which was completed in August this year.
“Underpinned by ADFG’s contribution to profitability, we are already seeing the value that the transaction is delivering for our shareholders in Q3, which saw Shuaa Capital return to profit.
A company statement added that the group will also look to create “a dedicated non-core unit to help release capital, deleverage the group and refocus on providing capital-efficient services in the investment bank”.
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