Shuaa Capital has announced its financial results for Q3-2020, delivering a solid performance with net profit of AED59 million ($16 million) for the third quarter of the year, taking the year-to-date (YTD) net profit to AED64 million.

The Group also saw continued strong EBITDA generation with Q3-2020 EBITDA standing at AED114 million. This performance was primarily driven by positive mark-to-market effects on investment portfolio despite a proactive negative valuation adjustment, reported Emirates news agency Wam.

Shuaa's asset management business maintained its solid base and positive trajectory, with assets under management increasing to $13.6 billion at the end of Q3-2020 compared to $13.0 billion in Q2-2020, driven by net new money, market performance and FX gains.

Jassim Alseddiqi, Chief Executive Officer of Shuaa Capital, said: "With a resilient business model in place and a clear strategy to achieve long-term sustainable growth, Shuaa has continued to achieve significant progress in Q3-2020. It is once again testament to our team that despite the considerable ongoing challenges of the current pandemic, we have been able to achieve so much, both operationally - with the successful launch of our new funds in recent months - and financially, strengthening our balance sheet and increasing our earnings visibility going forward.

"Looking ahead, we will remain focused on our strategy, build recurring revenues and fortify our financial position so that, irrespective of the global backdrop, we can continue to succeed and create value for our clients and shareholders."