Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    US employment cost index 3.6% up in year to June 2025    Egypt welcomes Canada, Malta's decision to recognise Palestinian state    Pakistan says successfully concluded 'landmark trade deal' with US    Sterling set for sharpest monthly drop since 2022    Egypt, Brazil sign deal to boost pharmaceutical cooperation    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Shuaa Capital narrows Q4 loss, provisions hit 2011
Published in Daily News Egypt on 13 - 02 - 2012

DUBAI: Shuaa Capital's net loss narrowed in the fourth quarter as the investment bank cut costs and quit unprofitable businesses to offset the impact of slumping global markets and Arab political unrest.
But provisions and one-time charges related to the moves weighed on full-year results.
Dubai-listed Shuaa said it had a net loss of 111.8 million UAE dirhams ($30.44 million) in the quarter ended Dec. 31, compared to a loss of 186.7 million in the prior-year period.
One analyst at HSBC had forecast a 84 million dirhams loss.
On the year, Shuaa had a net loss of 293.8 million dirhams, a 31.3 percent rise over its 2010 loss of 223.7 million dirhams.
Shuaa attributed much of the annual loss to impairments and valuation adjustments, with one-off costs relating to the closure of its retail brokerage business in Jordan and Egypt and significant downsizing in Abu Dhabi and Riyadh weighing.
"It has been evident that with the onset of the Arab Spring in early 2011, the company was not going to see the expected market recovery and consequently embarked on a more fundamental restructuring program," Shuaa said in a statement.
"As a result, the company accelerated cost cutting initiatives and launched a systematic rightsizing program, which has improved operational efficiency and adapted the company's cost structure in line with market conditions."
Overall, Shuaa said it took provisions and one-off charges of 136.3 million dirhams in 2011 and cut staffing costs over the year by 39 percent.
Total revenue for 2011 slumped 47.3 percent, to 99.2 million dirhams from 188.4 million dirhams in 2010.
Shuaa had cash reserves of 340.2 million dirhams and total liabilities of 437.2 million dirhams at the end of 2011, compared to 397.1 million dirhams and 447.6 million dirhams respectively a year before.
The firm's share price, which has rallied in recent days, was up 14.75 percent on Monday. The stock has seen double-digit gains in the past two trading sessions and gained 23.3 percent year-to-date, prior to the start of trading on Monday. –Additional Reporting by Mirna Sleiman


Clic here to read the story from its source.