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.
Also Read
-
Dubai’s Shuaa Capital posts Q3 profit of $980k
Shuaa Capital, the Dubai-based investment bank, reported a third-quarter net profit on Wednesday driven by growth in its core asset management and ... Banking & Finance -
U.S. judge narrows Dubai bank claims versus ING
A U.S. judge on Friday narrowed Mashreq PSC’s claims in a lawsuit that alleged ING Groep NV lost more than $40 million of the Dubai bank’s ... Banking & Finance -
Islamic bank BLME to seek Dubai’s first listing in four years
Bank of London and The Middle East (BLME), Britain's largest stand-alone Islamic bank, plans to seek a listing on the Nasdaq Dubai bourse next month ... Banking & Finance
