{"id":87256,"date":"2023-12-07T00:00:00","date_gmt":"2023-12-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/shuaa-capitals-9m-2023-net-income-rises-to-aed-33-mn\/"},"modified":"2023-12-07T00:00:00","modified_gmt":"2023-12-07T00:00:00","slug":"shuaa-capitals-9m-2023-net-income-rises-to-aed-33-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/07\/shuaa-capitals-9m-2023-net-income-rises-to-aed-33-mn\/","title":{"rendered":"Shuaa Capital\u2019s 9M 2023 net income rises to AED 33 mn"},"content":{"rendered":"

Shuaa reported a net loss of AED 570 mn in 9M 2023<\/strong> primarily on the back of one-time, non-cash impairments related to legacy assets and goodwill. Net operating income improved sharply in the same period, rising to AED 33 mn from AED 4 mn a year ago on the back of both revenue growth and \u201ccost-saving measures implemented in recent months,\u201d the firm said in its earnings release<\/a>.<\/p>\n

The charges came as Shuaa pushed ahead with an ambitious turnaround plan<\/strong>, saying its \u201cprimary focus in the third quarter of 2023 has been addressing legacy issues and completing its previously announced capital optimisation process.\u201d The company wants to shore-up its balance sheet with a capital reduction and then a capital increase via a rights issue. At the same time, it\u2019s looking to focus on core businesses. <\/strong><\/p>\n

Shuaa is now in talks with creditors and the regulator <\/strong>to move ahead with the next stage of its restructuring. The capital optimization plan<\/a> includes the extension of a USD 150 mn special purpose vehicle bond. <\/p>\n

The firm\u2019s asset management unit reported a 17% increase in fee-earning AUM<\/strong>, while the investment banking division lined up new mandates. <\/p>\n","protected":false},"excerpt":{"rendered":"

Shuaa reported a YTD net loss of AED 570 mn, primarily attributed to one-time, noncash impairments<\/p>\n","protected":false},"author":1,"featured_media":87257,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[237,7,217],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-uae","tag-shuaa-capital","wpautop","entry"],"acf":{"mongo_id":"baf2a9d1-0875-4515-9e98-9690950a821f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/509.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Shuaa Capital\u2019s cost-cutting measures and revenue increase boost 9M 2023 net income to AED 33m","related_issue":[87241],"teaser":"Shuaa reported a YTD net loss of AED 570 mn, primarily attributed to one-time, noncash impairments","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.99339543-d5e7-42a7-a459-14f731c88d66.mp3"},"yoast_head":"\nShuaa Capital\u2019s 9M 2023 net income rises to AED 33 mn - 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