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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

SHUAA: Earnings Release

DUBAI, UAE, February 10, 2013 /PRNewswire/ --

SHUAA 2012 results and successful strategy execution in line with market guidance

Full Year 2012 highlights:

  • Total Revenues up 38% to AED137.3 m from AED99.3 m in FY 2011
  • Total Expenses reduced by AED163.0 m, a 45% improvement, to AED199.3 m from AED362.3 m in FY 2011
  • Net Loss improved by 80% to AED59.0 m, a reduction of AED234.8 m on prior year
  • Lending and Asset Management were profitable in 2012
  • Cost/Income Ratio was 138% an improvement of 43% year-on-year

Fourth Quarter 2012 highlights:

  • Total Revenues increase of 25% to AED25.2 m  from AED20.1 m in Q4 2011
  • Total Expenses reduced by AED100.1 m to AED39.2m from AED139.3 m, a 72% improvement
  • Net loss reduction of 81% to AED20.7 m compared to a net loss of AED111.9 m in Q4 2011

Balance Sheet highlights:

  • Total Assets of AED1.4 bn were AED231.1 m lower than in December 2011
  • Cash and Deposits with Banks, up 24% to AED423.3 m from AED340.2 m
  • Total Liabilities reduced by AED167.8 m to AED269.4 m, down 38% from AED437.2 m
  • Bank borrowings stood at AED136.3 m, down from AED275.9 m
  • Total Shareholder ' s Equity reduced by AED63.4 m to AED1.1 bn
  • Book Value per Share is AED1.04

Achievements:

  • Gulf Finance awarded "Best SME Finance Company" at the Banker Middle East Industry Awards, recognizing its SME financing activities for the second consecutive year
  • SHUAA Asset Management received "Best Asset Manager in the UAE" award from EMEA Finance magazine for the third consecutive year
  • SHUAA Asset Management ' s Emirates Gateway Fund voted "UAE Equity Fund of the Year" by MENA Fund Manager for the second year in a row

SHUAA ended the year 2012 with a strong balance sheet and liquidity, considerably improved its bottom line result and regained its standing in the regional financial services industry. The net loss for 2012 was AED59.0 m, an 80% improvement on 2011's AED293.8 m loss. This result is within the forecast range that SHUAA communicated in October 2012. The improvement was driven primarily by the successful completion of the restructuring and rightsizing programme. Total expenses for the year were reduced by AED163.0 m. General and Administrative expenses were down AED37.7 m as the number of staff was reduced and processes made more efficient.  The Lending business recorded a AED13.7 m expenses increase in line with its expansion plans in the UAE and Saudi Arabia. All other business units recorded a significant decrease of expenses totalling AED51.4 m. This represents a year-on-year improvement of 29%.

     (Logo: http://photos.prnewswire.com/prnh/20130210/594439-a )

     (Photo: http://photos.prnewswire.com/prnh/20130210/594439-b )

During the first half of 2012, SHUAA incurred charges related to the Company's restructuring programme, which only started to have a positive impact on General and Administrative expenses during the second half of 2012. The full impact of the 2012 restructuring programme is expected to be recognized in 2013 with an additional cost improvement of 10%.

1 of 6

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 17,106.70 +29.83 0.17%
S&P 500 2,000.02 +2.10 0.11%
NASDAQ 4,570.6370 +13.29 0.29%

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