Shuaa Capital: 6 million dirhams, profits for the first quarter

Dubai: «The Gulf»
Shuaa Capital said that it achieved net profits in the first quarter of 6 million dirhams, compared to 35 million dirhams in the first quarter of 2021.
And it added in a statement, that excluding the effects of reducing the value of intangible assets, the value of net profits on a similar basis amounted to 37 million dirhams, and profits before interest, taxes, depreciation and depreciation increased to 83 million dirhams, compared to 75 million dirhams in the first quarter of last year, and once morest its negative value. In the fourth quarter of 2021, an amount of 18 million dirhams.
These positive results reflect the continued strong performance of the Group’s core revenue.
In 2021, the group closed the non-core assets unit and transferred its remaining assets to the main investment portfolio to ensure its continued management with the other investments of the group. implementation or preparation.
The group’s financial debt ratio continued to decline in parallel with the decrease in the adjusted debt ratio by 212 million dirhams over the past 12 months. The debt-to-equity ratio decreased by 22% net to 112% during this quarter as well, making it the lowest ratio since 2019.
Commenting on the results of the first quarter of 2022, Jassim Al Seddiqi, CEO of Shuaa Capital Group, said: “Our business units have succeeded in overcoming all the major challenges that have emerged since the beginning of the year, from the war on Ukraine and the geopolitical uncertainty it caused, to the acceleration of the pace Inflation and rising commodity prices, coupled with growing market uncertainty and volatility, our strength is underpinned by a highly diversified business model, highly adaptable quickly, seizing market opportunities while continuing to enhance our recurring revenue and balance sheet. Building on these strengths, SHUAA has managed From acquiring another company through the Thalassa Investments Fund, launching the Shuaa Venture Partners Fund, and raising $100 million by offering its company’s shares for a special purpose acquisition this quarter, which is a testament to our ability to operate efficiently in a challenging environment.”