Shuaa Capital deepened its net losses to AED 31.6 million during the second quarter of 2019, compared to AED 14.6 million in Q2-18.
Revenues for the quarter levelled up by 54.4% to AED 47.5 million, from AED 30.8 million in the same period of the prior year, according to the company’s statement to the Dubai Financial Market (DFM) on Wednesday.
For the first half of 2019, net losses of Shuaa Capital hiked to AED 56.5 million, versus AED 26.3 million in H1-18, reflecting the one-off transaction costs relating to the combination with Abu Dhabi Financial Group (ADFG).
Meanwhile, total revenues jumped by 60.9% year-on-year to AED 102.9 million during the first six months of 2019.
By the end of June, Shuaa’s balance sheet and total assets reached AED 2.2 billion, while net assets recorded AED 762.2 million.
“SHUAA’s final set of quarterly earnings reflect the completion of expenses and provisions relating to the merger as well as legacy investments,” Fawad Tariq Khan, CEO of Shuaa Capital, commented.
In addition, Shuaa Capital has obtained regulatory approvals regarding changing its name to ADFG.
Earlier in August, Shuaa Capital announced the completion of the merger with ADFG.