Shuaa Capital PJSC (SHUAA) 2008 FY annual report

Comments about Shuaa Capital PJSC FY 2008 results

15 February 2009 (pm): Shuaa have changed their financial reporting year from April to March, to January to December so these figures are for 2008FY. Figures are taken from Shuaa press release. No Balance Sheet or Income Statement. Shuaa said they press release has 9 month figures from 2007 for comparison with the 12 month figures for 2008. We have gone back to previous statements and tried to determine 12 month data for 2007 January to December for what we think is a more realistic comparison. Normally we'd use Balance Sheet information from the period before to calculate ROE, ROA, and PBV but there's a comment in the press release about Assets under Management that is unnerving. It was AED 6.6 billion in early 2008 but AED 1.74 billion by the end of December 2008. That's not the same thing as Total Assets but until Shuaa supply more complete information, treat derived ratios with caution. Note also that the Shareholders Equity figure is for 2008 which means the calculated value of Total Liablities is wrong. No dividend information or AGM date obvious in press release. Auditor's name not supplied but assumed to be the same as for previous results.

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