Dubai-based Shuaa Capital is gearing up to distribute its first dividend in a decade following a 21 per cent year-on-year increase in second-quarter net income, boosted by strong growth in its Saudi Arabia and Egypt operations.
Net profit attributable to the company shareholders for the three-months ending June 30, climbed to 14.6 million, the investment bank said in a regulatory filing to Dubai Financial Market, where its shares are traded. Revenue at the end of the second quarter, however, remained flat at Dh30.8m.
“Our Egypt and Saudi businesses in particular have achieved a strong growth trajectory, and more importantly, given strong liquidity position and [with] recent recoveries, we are now in a position to look at making dividend distributions to our shareholders for the first time in ten years,” Fawad Tariq-Khan, chief executive of Shuaa, said in a statement on Tuesday. “We remain confident Shuaa can continue on its path to sustained profitability and expanding its platform throughout the region.”
First half year group revenues climbed to Dh64m from Dh62.2m reported a year-earlier, however, profit for the period slipped to Dh26.3m from Dh36.8m million at the end of the first six months of 2017, the bank said.
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Read more:
Shuaa swings to profit in fourth quarter thanks to turnaround strategy
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Shuaa abandons talks to acquire Global stake
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Shuaa’s board will seek the shareholders’ approval in the third quarter for payment of the recommended interim Dh0.02 per share dividend for the first-half of 2018 and the 10 per cent share buyback announced previously.
The investment bank said its total assets as of June 30 reached Dh1.6 billion, rising from Dh1.2bn at the end of the last year.
Shuaa subsidiary Gulf Finance Corporation, during the period also repaid in full its Dh450m syndicated bank facility raised from Abu Dhabi Commercial Bank in 2015 and maintains a strong liquidity position on its balance sheet, it noted.
The company’s asset management business, the real estate arm that develops projects in Saudi Arabia and the UAE through a series of funds, reported revenues Dh10.5m. The business more than doubled its second quarter net profit to reach Dh4.6m.
Shuaa’s lending division, recorded Dh9.4m in revenue and swung to a Dh4.4m profit from a loss of Dh10.1m in 2017.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Notable salonnières of the Middle East through history
Al Khasan (Okaz, Saudi Arabia)
Tamadir bint Amr Al Harith, known simply as Al Khasan, was a poet from Najd famed for elegies, earning great renown for the eulogy of her brothers Mu’awiyah and Sakhr, both killed in tribal wars. Although not a salonnière, this prestigious 7th century poet fostered a culture of literary criticism and could be found standing in the souq of Okaz and reciting her poetry, publicly pronouncing her views and inviting others to join in the debate on scholarship. She later converted to Islam.
Maryana Marrash (Aleppo)
A poet and writer, Marrash helped revive the tradition of the salon and was an active part of the Nadha movement, or Arab Renaissance. Born to an established family in Aleppo in Ottoman Syria in 1848, Marrash was educated at missionary schools in Aleppo and Beirut at a time when many women did not receive an education. After touring Europe, she began to host salons where writers played chess and cards, competed in the art of poetry, and discussed literature and politics. An accomplished singer and canon player, music and dancing were a part of these evenings.
Princess Nazil Fadil (Cairo)
Princess Nazil Fadil gathered religious, literary and political elite together at her Cairo palace, although she stopped short of inviting women. The princess, a niece of Khedive Ismail, believed that Egypt’s situation could only be solved through education and she donated her own property to help fund the first modern Egyptian University in Cairo.
Mayy Ziyadah (Cairo)
Ziyadah was the first to entertain both men and women at her Cairo salon, founded in 1913. The writer, poet, public speaker and critic, her writing explored language, religious identity, language, nationalism and hierarchy. Born in Nazareth, Palestine, to a Lebanese father and Palestinian mother, her salon was open to different social classes and earned comparisons with souq of where Al Khansa herself once recited.
