UAE company Shuaa Capital achieved net annual profits of 47 million dirhams in 2019.
According to ArabiaNet, the consolidated financial statements for the year 2019 showed the direct results of the merger process between Shuaa Capital and Abu Dhabi Financial Group, as it is expected to achieve Shuaa an annual rate of 50 million dirhams resulting from the merger by the second quarter of 2021.
The company said its board of directors approved the group's strategy for 2020.
The volume of assets under management of the company reached $ 14 billion in 2019, an increase of 15% year on year.
The group also reduced its non-core assets by 28% during 2019, as it sold its unit specialized in financial brokerage (Shuaa Securities) and exited its market-making activity. The value of these two deals amounted to nearly 100 million dirhams.
medium-term strategy
The group has set clear goals for 2020 with the support of its board of directors, which are to accelerate the pace of growth by enhancing the activities of integration and synergy between the two merging entities, and increasing profitability by enhancing the sources of recurring revenue. < / p>
Shuaa Capital will implement the following strategies during 2020:
Increase recurring revenue by engineering new products, developing permanent capital instruments and a fixed income platform, diversifying product and service offerings across our core business units.
Increase profitability, enhance oversight and controls by digitizing the group, improving its balance sheet structure, and increasing its operational efficiency.
Shuaa Capital seeks, through this strategy, to increase the volume of assets under management to $ 20 billion.
