Shuaa Capital reported a full-year 2020 net profit of Dh125 million. Jaime Puebla / The National Newspaper
Shuaa Capital reported a full-year 2020 net profit of Dh125 million. Jaime Puebla / The National Newspaper
Shuaa Capital reported a full-year 2020 net profit of Dh125 million. Jaime Puebla / The National Newspaper
Shuaa Capital reported a full-year 2020 net profit of Dh125 million. Jaime Puebla / The National Newspaper

Shuaa Capital’s board recommends Dh76m dividend for 2020


Fareed Rahman
  • English
  • Arabic

Dubai-based investment bank Shuaa Capital’s board recommended a cash dividend of Dh76 million ($20.69m) for 2020, as it delivered a strong profit despite difficult market conditions last year.

The 3 fils per share profit is the first dividend payment to shareholders following the company's merger with Abu Dhabi Financial Group in 2019, Shuaa said in a statement on Thursday to the Dubai Financial Market, where its shares trade.

“We have remained focused on realising our growth strategy and the results are clearly evident in our FY [financial year] 2020 performance, including our ability to pay our first dividend post-merger,” Fadhel Al Ali, chairman of Shuaa Capital, said.

The company reported a full-year net income of Dh125m, a 168 per cent rise from 2019, as net fee and commission income more than doubled to Dh219m.

Net interest income also rose during the reporting period, while provision for impairment losses on financial instruments fell to Dh4.8m from Dh22m in the previous year.

Last year, Shuaa also led a funding round for music streaming platform Anghami, which is set to become the first technology firm from the Middle East region to list on the Nasdaq in New York, following a merger with a blank-cheque company.

“The investment is aligned with Shuaa’s investment criteria and interest in pursuing investments in the technology space but also supports its aim of creating significant value for its investors,” Shuaa Capital said.

In September, the company also launched Shuaa Financing Opportunities Fund, its first dedicated financing fund focused on Sharia-compliant opportunities in the GCC.

The fund now has over $70m in commitments, “reflecting the company’s excellent track record in private lending where it has generated returns of 15 per cent”, it said.

It also launched three other new funds under an Incorporated Cell Company (ICC) Fund Platform on the Abu Dhabi Global Market last year.

if you go

The flights 

Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning. 

The trains

Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.

The hotels

Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.

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England Test squad

Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.