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Shuaa reports AED92m Q2 net profit

The company has attributed the profit to…

August 2, 2009 2:52 by

Financial services firm Shuaa Capital has reported a net profit of AED91.7 million for the second quarter of 2009, up 37 percent from AED67.1 million in the second quarter of 2008. “We are pleased that we have turned the corner after three very difficult quarters,” Iyad Duwaji, the CEO of Shuaa Capital, said in the release.

The company said that its operating income during the quarter was affected by positive effects on income from investment securities. Its operating expenses also saw a drop of 27 percent year-on-year during the second quarter of the year.

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