|By PR Newswire||
|November 12, 2012 04:20 AM EST||
DUBAI, UAE, November 12, 2012 /PRNewswire/ --
3Q 2012 highlights:
- 3Q12 Revenues up 114% to AED 34.9 million from AED 16.3 million in 3Q11, mainly due to increases in interest income and the positive performance of SHUAA managed Funds
- Major operational improvement with 3Q12 Net Loss of only AED 13.9 million compared to a net loss of AED 156.2 million in 3Q11; in line with FY 2012e market guidance.
- 48% reduction of Total Expenses to AED 48 million, compared to AED 93 million in 3Q11
- 3Q12 Operating Expenses[*]down 20% to AED 46.7 million from AED 58.7 million in 3Q11
9M 2012 interim results:
- Revenues rose 42% to AED 112.1 million from AED 79.2 million in 9M 2011
- Net Loss reduced by 79% to AED 37.6 million from AED 181.9 million in 9M 2011
- Total Expenses down 28% to AED 160.1 million from AED 223.0 million in 9M 2011
- Strong Balance Sheet with Total Assets of AED 1.4 billion, down 11% compared to Dec 2011
- Cash and Deposits with Banks of AED 343.6 million, up 1% compared to Dec 2011
- Liabilities reduced to AED 298.1 million, down 32% compared to Dec 2011
- Bank Debt down to AED 158.9 million, down 42%compared to Dec 2011
- Cash net of Debt is up 187% to AED 184.7 million from AED 64.3 million in Dec 2011
SHUAA today reported 3Q revenues of AED 34.9 million (3Q 2011: AED 16.3 million), underpinned by returns from SHUAA's lending business, asset management and from investments in SHUAA managed funds. While SHUAA recorded an overall loss for the 3Q period of AED 13.9 million (3Q 2011: loss AED 156.2 million), the third quarter saw a major improvement over the prior year.
During the nine month period ended on 30 September 2012, the Group recorded a reduced loss of AED 38.3 million (9M 2011: loss of AED 181.9 million), principally due to a rise in 9M 2012 revenues to AED 112.1 million from AED 79.2 million in 9M 2011. The rise in revenues was supported by gains from Other Investments of AED 10.4 million compared to losses of AED 38.0 million in 9M 2011. The reduced loss was supported by 9M 2012 total expenses, which saw a substantial drop to AED 160.1 million (9M 2011: AED 223.0 million).
SHUAA's balance sheet remains strong with total assets of AED 1.4 billion. The Group retains a healthy cash balance of AED 343.6 million at the period end, up 26% from AED 272.2 million at the end of June 2012. Liabilities were further reduced by AED 31.0 million to AED 298.1 million at the end of the third quarter 2012.
HH Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of SHUAA Capital, said:
"The third quarter results prove that we took the right decisions to reduce our cost base against the uncertain market environment, exit non-core businesses and investments, focus on liquidity management, and reduce the volatility in our asset base. We have a clear plan to reach profitability and I am pleased that we continue to move in the right direction.
Our strategy implementation is making good progress. We are transforming SHUAA to a fully integrated investment banking services platform to meet the demands of our client base, redeploying our balance sheet while maintaining cost and risk control. We have already begun to expand our Credit offering and are managing for profitability in our equities businesses.
The response from our shareholders, our banking partners and the wider market to our new strategic direction has been overwhelmingly positive. It is early days, but as a team we have become energised and united behind our strategy. We have set ourselves challenging but realistic targets to act as milestones for our recovery and we look forward to achieving these aspirations."
Cautionary Statement Regarding Forward-Looking Information
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements.
SHUAA Capital psc offers client-centric, fully integrated investment banking services. SHUAA, headquartered in Dubai, United Arab Emirates, services corporate and institutional clients as well as family businesses and high-net-worth-individuals with expertise in the areas of asset management, investment banking, capital markets and credit. SHUAA is a public shareholding company, regulated as a financial investment company by the UAE Central Bank, and its stocks are listed on the Dubai Financial Market. http://www.shuaa.com
For further information please contact:
Head of Investor Relations & Corporate Communications
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Feb. 20, 2017 11:45 AM EST Reads: 188
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Feb. 20, 2017 11:30 AM EST Reads: 241
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Feb. 20, 2017 11:30 AM EST Reads: 1,719
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Feb. 20, 2017 11:30 AM EST Reads: 338
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Feb. 20, 2017 11:30 AM EST Reads: 1,781
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 20, 2017 11:15 AM EST Reads: 960
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
Feb. 20, 2017 11:15 AM EST Reads: 7,862
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Feb. 20, 2017 11:00 AM EST Reads: 843
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Feb. 20, 2017 10:45 AM EST Reads: 809
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Feb. 20, 2017 10:45 AM EST Reads: 5,980
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 20, 2017 10:15 AM EST Reads: 275
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...
Feb. 20, 2017 10:15 AM EST Reads: 895
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
Feb. 20, 2017 09:30 AM EST Reads: 1,182
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Feb. 20, 2017 09:15 AM EST Reads: 368
Tricky charts and visually deceptive graphs often make a case for the impact IT performance has on business. The debate isn't around the obvious; of course, IT performance metrics like website load time influence business metrics such as conversions and revenue. Rather, this presentation will explore various data analysis concepts to understand how, and how not to, assert such correlations. In his session at 20th Cloud Expo, Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Sys...
Feb. 20, 2017 09:00 AM EST Reads: 1,198