Dubai’s Shuaa Capital swings to Q4 profit

The Dubai-based investment bank made $1.03m in profit during the fourth quarter of 2013. (Photo courtesy: Shuaa Capital)

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.

Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41