Press Release
SHUAA Capital delivers strong profitability in the first half of 2023
United Arab Emirates, 10 August 2023: SHUAA Capital psc (DFM: SHUAA), the leading asset management and
investment banking platform in the region, has announced its H1 2023 financial results. Net profit attributable to
shareholders was AED 20 million, compared to an AED 164 million loss in H1 2022.
Group financial highlights
Income Statement H1 2023 H1 2022 % YoY
Net Operating Income* AED 32.4m AED 2.9m 10x 
Expenses* (AED 66.8m) (AED 155.0m) (57%) 
Net Profit AED 20.0m (AED 164.3m) +112% 
*excluding one-off items and carry expense
Key metrics H1 2023 H1 2022 % YoY
Cost-Income Ratio 67% 98% (31%) 
Leverage Ratio 0.88x 1.23x (35%) 
Key financial review
▪ Total revenues of AED 99 million in H1 2023 real estate funds coupled with robust sales and
(+68% year-on-year on a normalised basis) trading income generation in H1 2023
driven by recurring revenues contributed from all
business segments as well as performance fees ▪ Deleveraging continued in H1 2023, with debt-
recognised in the asset management segment to-equity ratio further improving to 88% from
123% in H1 2022
▪ Cost to income ratio at 67% in H1 2023, down
from 98% in H1 2022, highlighting the Group’s ▪ AED 173 million of debt repayments since
operating margin strength derived from cost December 2022, highlighting the Group’s
optimisation initiatives undertaken last year continued commitment to deleverage and
simplify its balance sheet and position for growth
▪ AED 20 million net profit driven by the
outperformance from managed investment and
Segmental review
▪ Asset Management, which encompasses ▪ Investment Banking, which provides corporate
investments funds and managed accounts finance advisory, equity and debt capital
across real estate, public and private markets markets, M&A, sales and trading, recorded an
and debt, reported first half revenues of AED 88 increase in revenues of AED 10 million (+25%
million in management and performance fees, compared to H1 2022) with growth in trading
up +11% compared to H1 2022 revenue offsetting lower advisory fees as no
significant transactions were closed during the
first half of the year
1▪ Corporate segment, which manages principal non-core assets and will only record unallocated
investments, treasury and other shared services, expenses, finance costs and investment income
reported no material revenues and is expected
not to contribute further in the future as a result
of the Group’s strategic initiative to divest from
Delivering on our mission statement
SHUAA’s mission is to create sustainable value for clients, employees and shareholders by engineering
innovative investment solutions and differentiated product offerings for institutional clients and high-net-worth
individuals. The firm’s disciplined approach includes focusing on core businesses, divesting non-core assets,
and managing risk effectively in a rapidly evolving operating environment.
"The first-half results underline SHUAA’s robust return to strong profitability, driven by our commitment to
simplifying our balance sheet structure and reducing debt liabilities," said Fawad Tariq Khan, Group Chief
Executive Officer of SHUAA Capital. "Our existing portfolio and assets under management (AuM) reflect our
strategy to diversify and boost our recurring fee income. Our Asset Management strategy continuously seeks
out new investment opportunities and creates investment products for our increasingly diversified investor base.
Moreover, our Investment Banking segment has seen a significant uptick in performance, with a revenue
increase of 25% compared to H1 2022, and expectations to further strengthen our advisory capacity with our
recent senior hires”.
Ends
Press Contacts
SHUAA Capital psc ASDA’A BCW
Hani El Abid Omar Nasro
Head of Marketing and Communications Associate Director
Tel: +971 4 3199 723 Tel: +971 4 450 7600
Email: helabid@shuaa.com Email: omar.nasro@bcw-global.com
www.shuaa.com www.asdaa-bcw.com
About SHUAA Capital psc
SHUAA Capital psc (DFM: SHUAA) is a leading asset management and investment banking platform.
SHUAA Capital psc is recognized for its strong track record and pioneering approach to investing through
a differentiated, innovative, and global product offering focused on public and private markets, debt, and
real estate.
The asset management segment, one of the region’s largest, manages real estate funds and projects,
investment portfolios and funds in the regional equities, fixed income, and credit markets; it also provides
investment solutions to clients, with a focus on alternative investment strategies. The investment banking
segment offers corporate finance advisory, transaction services, private placement, public offerings ofequity and debt securities, while also creating market liquidity on OTC fixed-income products. The firm is
regulated as a financial investment company by the Securities and Commodities Authority.
To learn more about SHUAA Capital, please visit:
▪ Website: www.shuaa.com
▪ Twitter: https://twitter.com/SHUAA_Capital
▪ LinkedIn: https://www.linkedin.com/company/shuaa-capital
▪ Facebook: https://www.facebook.com/SHUAA.Capital.psc
Cautionary Statement Regarding Forward-Looking Information:
This document contains forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based
only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the
economy and other future conditions. Forward-looking statements can be identified by words such as: "anticipate," "aspire," "intend," "plan," "goal," "objective," "seek,"
"believe," "project," "estimate," "expect," "forecast," "strategy," "target," "trend," "future," "likely," "may," "should," "will" and similar references to future periods.
Examples of forward-looking statements include, among others, statements we make regarding:
▪ Expected operating results, such as revenue growth and earnings.
▪ Anticipated levels of expenditures and uses of capital.
▪ Ability to identify and merge with a target and access to capital markets.
▪ Current or future volatility in the capital and credit markets and future market conditions.
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many
of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you
should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those
indicated in the forward-looking statements include, among others, the following: Our ability to maintain adequate revenue levels and cost control; economic and financial
conditions in the global markets and regional markets in which we operate, including volatility in interest rates, commodity and equity prices and the value of assets; the
implementation of our strategic initiatives, including our ability to effectively manage the redeployment of our balance sheet and the expansion of our strategic businesses;
the reliability of our risk management policies, procedures and methods; continued volatility in the capital or credit markets; geopolitical events; developments and changes
in laws and regulations, including increased regulation of the financial services industry through legislative action and revised rules and standards applied by our regulators.
Any forward-looking statement made by us in this document and presentation is based only on information currently available to us and speaks only as of the date on which
it is made. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this
document. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise. Please
remember that past performance may not be indicative of future results.

Sentiment: neutral