SHUAA Capital reports financial results for Q2 2022

SHUAA Capital reports financial results for Q2 2022

- Net loss attributable to shareholders of AED 170 million in Q2 2022 compared to net income of AED 6 million in Q1 2022

- Non-cash charges (mark-to-market of managed funds, provisions, and accelerated amortization of intangible assets) contribute to results

United Arab Emirates: SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, has announced its financial results for Q2 2022. In the second quarter SHUAA and its subsidiaries (the "Group") reported a net operating income of AED 6 million compared to AED 24 million in Q1 2022* primarily due to lower trading revenues.

The Group reported a net loss attributable to shareholders of AED 170 million in Q2 2022, compared to a net income of AED 6 million in Q1 2022. Non-cash expenses (mark-to-market of SHUAA managed funds, accrued expenses, and accelerated amortization of intangible assets) contributed to results.

Further consolidation of recurring revenues and deleveraging of the balance sheet

In the second quarter, SHUAA delivered another set of strong recurring revenues of AED 64 million across all business segments of the Group.

- The Group's Asset Management segment delivered a robust performance of AED 33 million of revenues, driven by the strong contribution from recurring management fees,