SHUAA Capital reported a net profit of AED 156 million for the fiscal year ended 31 December 2025, marking a major turnaround from a net loss of AED 274 million in 2024. This profitability was achieved despite operating revenues decreasing to AED 82 million from AED 89 million year-on-year, as the group continued its strategic wind-down of non-core assets and cost-rationalization efforts.
The earnings recovery was primarily driven by a AED 214.8 million non-recurring gain from the successful restructuring and extinguishment of a USD 150 million bond liability. The settlement included a cash payment of USD 15.1 million to redeem USD 75.3 million in principal (representing an 80% discount) and the conversion of remaining debt into equity, which substantially reduced the group's finance costs.
The group significantly strengthened its capital base by issuing approximately 1,123 million new ordinary shares through the conversion of Mandatory Convertible Bonds (MCBs) and an additional AED 85 million capital raise from new investors. Total issued share capital increased to AED 3.66 billion; however, the Board recommended no dividend for 2025 to prioritize further balance sheet stren
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