This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

SHUAA Third Quarter 2012 Results Confirm Financial And Strategic Trend

During the nine month period ended on 30 September 2012, the Group recorded a reduced loss of AED 38.3 million (9M 2011:  loss of AED 181.9 million), principally due to a rise in 9M 2012 revenues to AED 112.1 million from AED 79.2 million in 9M 2011. The rise in revenues was supported by gains from Other Investments of AED 10.4 million compared to losses of AED 38.0 million in 9M 2011. The reduced loss was supported by 9M 2012 total expenses, which saw a substantial drop to AED 160.1 million (9M 2011: AED 223.0 million).

SHUAA's balance sheet remains strong with total assets of AED 1.4 billion. The Group retains a healthy cash balance of AED 343.6 million at the period end, up 26% from AED 272.2 million at the end of June 2012.  Liabilities were further reduced by AED 31.0 million to AED 298.1 million at the end of the third quarter 2012.

HH Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of SHUAA Capital, said:

"The third quarter results prove that we took the right decisions to reduce our cost base against the uncertain market environment, exit non-core businesses and investments, focus on liquidity management, and reduce the volatility in our asset base. We have a clear plan to reach profitability and I am pleased that we continue to move in the right direction.

Our strategy implementation is making good progress. We are transforming SHUAA to a fully integrated investment banking services platform to meet the demands of our client base, redeploying our balance sheet while maintaining cost and risk control. We have already begun to expand our Credit offering and are managing for profitability in our equities businesses.

The response from our shareholders, our banking partners and the wider market to our new strategic direction has been overwhelmingly positive.  It is early days, but as a team we have become energised and united behind our strategy. We have set ourselves challenging but realistic targets to act as milestones for our recovery and we look forward to achieving these aspirations."

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs