(MENAFN) Shuaa Capital, Dubai-based financial services company, stated that its net profit boosted to USD0.353 million in the second quarter of this year compared to a net loss of USD4.32 million in the same period last year, according to Gulf News.
Revenues of Shuaa were boosted by the company's savings management and investment banking divisions that results in first quarter net profit increase.
Haissam Arabi, a Dubai-based independent financial analyst commented on Shuaa's financial results to Gulf News: "Shuaa is clearly back on track with a stronger balance sheet. It looks very much on its way to a financial recovery. Furthermore, it appears the restructuring that was taking place in Shuaa is probably over. Shuaa is now a bank lending to SMEs instead of being an investment bank."
Shuaa finished a financial recovery program to reduce its assets, cut jobs and generate recurring revenue after announcing quarterly losses since the end of September in 2011. The company is looking to increase small and medium-sized businesses support and high-net-worth individuals to boost its profit.
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