SHUAA 2009Q2 profit Dh92m +37%

[sharewadi]

Shuaa Capital profits for 2009 Q2 up 37% from AED 67m to AED 92m dhs according to a Reuters report today. Good news for Shuaa shareholders? Shuaa share price up 1.9% to AED 1.62 in modest trading today, while the DFMGI was almost unchanged - it rose 0.07%. No press release or other information received from Shuaa.
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[sharewadi]

Reuters 02 August 2009:

Shuaa Capital Q2 net rises 37 pct on investments DUBAI - Shuaa Capital (SHUAA) reported a 37 percent rise in second-quarter net profit despite losses at its investment banking unit as its assets have regained in value. The Dubai-based bank said net profit for the quarter climbed to 91.7 million dirhams ($24.97 million) from 67.1 million dirhams in the second quarter of 2008. "We are pleased that we have turned the corner after three very difficult quarters," chief executive Iyad Duwaji said in a statement. "The financial industry is a cyclical one and the downturn in this cycle has been the most severe in the past 80 years," Duwaji said. Shuaa attributed the rise in profits to "positive effects on net income from investment securities of 95.8 million dirhams compared to 17.4 million dirhams during the second quarter of last year". Shuaa's investment banking subsidiary posted a loss of 2.38 million dirhams which "reflects a very quiet period for primary issuance across equity markets, the division's principal business line". Shuaa is also active in private equity, brokerage, asset management and financing. "We also continue to believe in the market opportunity the GCC region represents -- both in the short and in the long term," Duwaji said.

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