Shuaa Capital, the Dubai-based investment bank, broke even in the last quarter, despite reduced activity in its securities brokerage during Ramadan which damaged overall business.
The bank squeaked out profits of Dh180,000 (US$49,000), compared with a net loss of Dh269.7 million ($73.4m) in the same period the previous year.
In a statement, Majid Al Ghurair, the chairman of Shuaa Capital said: "Recording a profit, albeit small, is an important achievement in an extremely challenging environment characterized by the lowest market activity since 2004."
The turnaround was driven by a reversal of losses from "other investments, including investments in third party associates", which turned a profit of Dh6.2m this quarter, up from a loss of Dh254m in the same quarter the previous year.
A spokesperson for the bank was not immediately able to provide clarification on what this sum reflected.
Shuaa Capital has made a loss during five out of the previous eight quarters.
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
