Home/Middle East/Dubai’s Sure Capital reports Dhs20m in third quarter net profit
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Dubai’s Sure Capital reports Dhs20m in third quarter net profit
yamotoyuki21 mins ago
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Dubai-based wealth management and investment banking platform Sure Capital turned profitable in the third quarter of this year.
The company posted a net profit attributable to shareholders of Dhs 20 million in the third quarter, marking a significant turnaround from a net loss of Dhs 170 million in the previous quarter.
read: Shuaa Capital reports Dhs 170m net loss for Q2 2022
In the third quarter, his group reported net operating income (excluding one-off items) for Dhs14m compared to Dhs6m for the second quarter of 2022. On the other hand, his Shuaa earnings in all business segments in the third quarter he Dhs60m.
The Group’s Asset Management Division generated revenue of AED 31 million from commission income AuM (Assets Under Management) within real estate and contributions from public and private market funds under management. The group’s investment banking business posted a profit of AED 5 million due to higher advisory and trading income compared to the second quarter, the statement added.
Revenue from the company’s corporate segment was Dhs 24 million, while the group’s cost to income ratio totaled 77% in the third quarter, down from 90% recorded in the second quarter.
“Cost optimization initiatives are expected to continue with a cost return expected to meet management’s medium-term target of 65%,” the company said in a statement.
Fawad Tariq Khan, Group Chief Executive Officer of Shure Capital said:
“As evidenced by the completion of The Broadway project and the recent addition of a new $220 million AuM to our discretionary portfolio, we have increased the number of managed funds our clients have access to. In the meantime, we remain committed to providing our clients with pioneering investment solutions, and will continue to operate and finance in the third quarter of 2022.”
In March, the company announced the launch of SHUAA Venture Partners, a $250 million sharia fund focused on venture debt investments.
read: Dubai’s Shuaa Capital Launches $250 Million Venture Debt Fund
https://gulfbusiness.com/dubais-shuaa-capital-reports-dhs20m-in-q3-net-profit/ Dubai’s Sure Capital reports Dhs20m in third quarter net profit
