Dubai’s Shuaa Capital swings to Q4 profit
The Dubai-based investment bank made $1.03m in profit during Q4 2013 compared to a loss of $5.7m in Q4 2012
Shuaa Capital, the Dubai-based investment bank, swung to a profit in the fourth-quarter of 2013, aided by cost cuts and growth in its core businesses.
Shuaa made a quarterly net profit of 3.8 million dirhams ($1.03m), compared with a loss of $5.7m in the corresponding period in 2012, it said in a bourse statement on Monday.
Revenue for the quarter surged to $17.1m from $6.8m in the year-ago quarter.
Net profit for 2013 also jumped, hitting $762,000 to a loss of $16m in 2012, the filing added.
In December, Shuaa said its Chief Executive Officer, Colin Macdonald, was leaving the firm, the fourth CEO to depart in as many years.