Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV
Cloud Expo & Virtualization 2009 East
PLATINUM SPONSORS:
IBM
Smarter Business Solutions Through Dynamic Infrastructure
IBM
Smarter Insights: How the CIO Becomes a Hero Again
Microsoft
Windows Azure
GOLD SPONSORS:
Appsense
Why VDI?
CA
Maximizing the Business Value of Virtualization in Enterprise and Cloud Computing Environments
ExactTarget
Messaging in the Cloud - Email, SMS and Voice
Freedom OSS
Stairway to the Cloud
Sun
Sun's Incubation Platform: Helping Startups Serve the Enterprise
POWER PANELS:
Cloud Computing & Enterprise IT: Cost & Operational Benefits
How and Why is a Flexible IT Infrastructure the Key To the Future?
Click For 2008 West
Event Webcasts
SHUAA Third Quarter 2012 Results Confirm Financial and Strategic Trend

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

     (Logo: http://photos.prnewswire.com/prnh/20121006/567409-a )

     (Photo: http://photos.prnewswire.com/prnh/20121112/573854 )

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

Balance Sheet

  • 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:
Oliver Schutzmann
Head of Investor Relations & Corporate Communications
Tel:    +971-4-319-9872
Mobile: +971-50-640-5722
oschutzmann@shuaa.com

SOURCE SHUAA Capital psc

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Cloud Developer Stories
Security is critical to Internet of Things (IoT) adoption because we want to make sure we can trust the sensors, actuators, rules engines and other connected componentry we embed in every element of our existence. Bringing this down to earth is as easy as pointing out that people...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Busin...
In his session at the upcoming Internet of @ThingsExpo in Santa Clara, California, Chad Jones, Vice President, Product Strategy of LogMeIn's Xively IoT Platform, will show you how to approach creating broadly successful connected customer solutions using real world business trans...
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal ...
Tom Wesselman is the Director of Communications Architecture at Plantronics. His focus is connecting the capabilities of Plantronics products to the world around them. This starts with defining and building the data and services provided by Plantronics' wearable technology, and t...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021



SYS-CON Featured Whitepapers
ADS BY GOOGLE

Breaking Cloud Computing News
Midokura, a global company focused on network virtualization, today announced that Zetta.IO, a progr...