The UAE company, Shuaa Capital, achieved a growth of 166% in 2020 profits to reach 125 million dirhams, compared to 47 million dirhams in 2019.
According to Arabiya Net, the group's annual profits before interest, taxes, depreciation and amortization increased by 87% year-on-year, to reach 348 million dirhams.
These preliminary results are due to the group's adjustments in the valuation of the non-core asset unit of 73 million dirhams in order to accelerate its downsizing, and net profits in the asset portfolio of 104 million Dirhams based on market value including associates, and other adjustments in the valuation of investment portfolios of AED 114 million.
In light of the global Covid-19 pandemic and the transformational integration program launched by Shuaa after its merger with the Abu Dhabi Financial Group in August 2019, the group was able to achieve strong financial performance and progress on The strategic level.
The Group has also made significant progress in strengthening its governance, risk, and IT and system infrastructure frameworks. These major initiatives, developments and new products, as well as foreign currency gains, contributed to setting a record in the value of the Group's assets under management, reaching $ 14.1 billion, an increase of 4% over the previous quarter.
and Shuaa maintained its profitability for the third consecutive quarter, as the net income attributable to shareholders in the fourth quarter of 2020 reached 61 million dirhams, while annual profits before accounting for Interest, taxes, depreciation and depreciation 108 million dirhams.
In addition to the significant valuation adjustments that the group has witnessed across its listed and unlisted assets, the group has succeeded in closing a historic deal represented by arranging to buy the debts of the Stanford Marine Group in the last quarter of the year. 2020.