Shua Capital announced financial results for the second quarter of 2021. The reported net profit for shareholders in the second quarter of 2021 was AED 29 million, an increase of 17% on a quarterly basis.
Compared to 5 million dirhams in the first half of 2020, the group’s net profit in the first half recorded its highest level in the last ten years with a significant growth of 54 million dirhams.
EBITDA growth in the first half of 2021 was strong year-on-year, rising 23% to 153 million AED; This highlights the upward trend in Shua’s ability to make a profit.
Moreover, revenue in the second quarter of 2021 reached 37% qoq AED 140 million.
The company has been strengthening its balance sheet due to its strong financial base as net loans and liabilities have been repaid and reduced by nearly 400 million dirhams in the last 24 months.
Until the second quarter of 2021; With $ 13.6 billion in assets under Shua’s management, it is the largest asset management company in the United Arab Emirates and the largest asset management company listed in the Middle East, according to Forbes Middle East.
Until the second quarter of 2021, Shua had borrowed the least amount since the merger deal in 2019; This led to a reduction in the financial lending rate to 127%, compared to 139% at the end of 2020.
Jashim Al Sadiki, CEO of Shua Capital Group, said: “Following our excellent performance in the first quarter of 2021, we doubled our efforts in the second quarter, which resulted in exceptional results at the end of the first half of the year.
Thanks to our portfolio of new finances and investments, we have a clear vision of growth finance opportunities. We hope we can continue this strong growth path that will help ensure value for money for all our stakeholders.
Operating profit in the second quarter of 2021 was 57 million dirhams, an increase of 28% on a quarterly basis, compared to 20 million 20 million dirhams in the first quarter of 2021. The group also maintained a strong EBITDA generation, reaching a second 79 million dirhams by 2021, an increase of 5% qoq.
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