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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

  • 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%.

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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%.

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