Dubai’s Shuaa Capital swung to a first-quarter profit, the investment bank said on Sunday, confirming preliminary figures released last month.
Shuaa made a profit of Dhs8.2 million ($2.23 million) in the three months to March 31, according to a bourse statement. That compares with a loss of Dhs5.9 million a year earlier.
HSBC forecast Shuaa would make a quarterly profit of Dhs3 million.
The company’s quarterly revenue was Dhs64.2 million, up from Dhs36.2 million in the corresponding period of 2013.
“We are seeing an improved investment banking pipeline and a larger pool of companies wanting to go public, improving the possibility of more transactions being executed by Shuaa,” Sheikh Maktoum Hasher Al Maktoum, executive chairman of Shuaa Capital, said in the statement.