14 November 2025
Executive Summary
All figures in AED M
Total Revenue
Revenue by Division
61.5
-6%
65.5
YTD-24 YTD-25
50.0
29.8
Asset
Management
YTD-24 YTD-25
20.5
5.4
Investment Banking
YTD-24 YTD-25
11.2
9.2
Real Estate
YTD-24 YTD-25
103%
61
Operating Expenses FTEs (Headcount and Expenses) Net Operating Profit
67.5
FTEs67
25.3
33.3
Cost to Income
92%
4.9
56.6
YTD-24 YTD-25
YTD-24 YTD-25
(2.1)
YTD-24 YTD-25
Net Profit (Core Business) Net Profit (Reported) Assets under Management
5,734
5,051
268.0
(7.1)
198.4
(62.4)
(56.8)
YTD-24 YTD-25
(7.1)
Net Profit (Core Business)
One-Off Income
One-Off Expenses
Net Profit (Reported)
YTD-24 YTD-25
Executive Summary (Cont'd)
YTD-25 Financial Measures
Revenues reached AED 62 million, down 6% from AED 66 million in 9M 2024. This decline reflects reduced Asset Management revenues,
partially offset by solid growth in Investment Banking income, highlighting the effectiveness of the firm's strategic initiatives.
AED 5 million in Operating Income, compared to an operating loss of AED 2 million in 9M 2024, reflecting the positive impact of the cost-saving measures under our optimization initiatives.
Generated over AED 8 million in additional savings from ongoing headcount optimization efforts.
AED 198 million in Net Income, marking a significant turnaround from a net loss of AED 138 million in 9M 2024. This includes AED 235 million in net gains from the successful completion of the capital optimization plan.
Q3-25 Financial Measures
Revenues stood at AED 13 million in Q3 2025, down from AED 18 million in Q3 2024. The decline was primarily driven by lower Asset Management income as well as a one-off structuring fee received in Q3 2024 in the Real Estate segment.
Operating income saw a AED 5 million loss compared to a AED 4 million loss in the same period last year. The decline reflects lower revenue though partially mitigated by stable fees and cost efficiencies.
The Group reported net loss of AED 16 million compared to AED 22 million net loss in Q3 2024.
Q3-25 Key Metrics
Operating margins fell to -35%, compared to -20% in Q3 2024, reflecting the lower revenue base.
135% cost to income ratio, compared to 120% in Q3 2024 also resulted from lower revenue. Management remains focused on achieving a target of 65% through strategic revenue-enhancing initiatives, further benefiting from the recently completed capital optimization plan.
Financial Summary
Q3 2025 Financial Performance
Comments
Revenues reached AED 62 million in 9M 2025, down from AED 65 million in 9M 2024. The decline was primarily driven by lower fees from Asset Management, which was partially offset by stronger Investment Banking and Real Estate income.
Operating expenses decreased to AED 57 million year-to-date, reflecting the continued impact of effective cost control measures.
Operating margin improved to 8%, compared to negative 3% in 9M 2024
Net Profit Attributable to Shareholders reached AED 198 million in the first nine months of the year, compared to a net loss of AED 138 million in the prior year, highlighting the clear path toward sustainable profitability.
Non-recurring items year-to-date were mainly related to gain from
settlement of liabilities and Eshraq investment.
Balance sheet optimization measures were taken in Q1 2025, including an increase in the company's share capital through the issuance of MCBs and the execution of settlement agreement with key creditor.
Equity of AED 602m, up from AED 41m in Q4 2024
Debt / Equity ratio of 0.7x, down from 24x in Q4 2024
Management remains committed to reducing the overall debt levels with a plan in place to manage remaining liabilities
YTD-25 Actual | YTD-24 Actual | Y-o-Y Change | Q3-25 Q3-24 Y-o-Y Actual Actual Change | ||
29.8 | 50.0 | (20.2) | 8.6 | 12.7 | (4.1) |
20.5 | 5.4 | 15.1 | 1.4 | 0.6 | 0.8 |
11.2 | 9.2 | 2.0 | 3.3 | 4.8 | (1.5) |
0.0 | 0.9 | (0.8) | 0.0 | 0.2 | (0.2) |
61.5 | 65.5 | (3.9) | 13.4 18.4 (5.0) | ||
(56.6) | (67.5) | 10.9 | (18.1) (22.1) 4.0 | ||
(25.3) | (33.3) | 8.0 | (9.0) | (10.7) | 1.6 |
(20.5) | (18.4) | (2.2) | (5.4) | (4.9) | (0.5) |
(7.1) | (7.1) | (0.0) | (2.4) | (2.4) | (0.0) |
(3.6) | (8.8) | 5.2 | (1.3) (4.2) 2.9 | ||
4.9 | (2.1) | 7.0 | (4.7) (3.7) (1.0) | ||
(21.6) | (58.6) | 37.1 | (7.0) | (19.2) | 12.2 |
9.5 | 3.9 | 5.6 | 2.8 (3.6) 6.4 | ||
(7.1) | (56.8) | 49.7 | (9.0) (26.6) 17.7 | ||
(6.4) | (21.3) | 14.9 | (1.6) (4.7) 3.1 | ||
234.8 | (61.3) | 296.1 | (5.4) 9.8 (15.2) | ||
(22.8) | 1.2 | (24.0) | - - - | ||
198.4 | (138.2) | 336.7 | (16.0) (21.5) 5.6 | ||
Income Statement (AED M) | ||||||||
Asset Management Real Estate | ||||||||
Total Revenues | ||||||||
Operating Expenses | ||||||||
Staff Expenses G&A Others | ||||||||
Net Operating Income | ||||||||
Finance Cost | ||||||||
Net Profit | ||||||||
Contribution from Subsidiaries | ||||||||
Non-Recurring Items | ||||||||
Corporate Tax | ||||||||
Net Profit to Common Shareholders | ||||||||
Key Metrics - Income Statement Operating Margin (%) excl. one-off items | 8% | (3%) | 11% | (35%) | (20%) | (15%) | ||
CIR (%) excl. one-off items | 92% | 103% | (11%) | 135% | 120% | 15% | ||
EBITDA | 253.4 | (75.7) | 329.1 | (6.0) | 1.3 | (7.4) | ||
Balance Sheet (AED M) Assets | 1,176 | 1,375 | (14%) | |||||
Liabilities | 574 | 1,196 | (52%) | |||||
Equity | 602 | 179 | 236% | |||||
Net debt | 401 | 1,003 | (60%) | |||||
Debt to Equity | 0.67x | 5.60x | (4.94)x | |||||
Return on Equity - Parent Debt to EBITDA | 57% 1.58x | NMF (13.25)x | NMF 14.84x | |||||
Investment Banking Others
D&A
Other Income & Expenses
Key Financial Highlights
AED M
Revenue
Operating Income
135%
78%
81%
129%
120%
CIR
23
18
17
13
25
(5)
(2)
(4)
(4)
5
(4)
(10)
5
(2)
(5)
Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Run-Rate One-offs (non-recurring expenses)
Net Profit/(Loss) attributable to Owners of the Parent
Balance Sheet
19
(161)
196
D/E Ratio
24.4x
24.4x
0.7x
0.6x
0.7x
1,196
1,1971,156
1,215
1,204
1,176
619 597
583 620
574 602
179
41
1,375
(22)
(16)
Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Revenue Breakdown
Investment Banking
Asset Management
AED M
13
13
13
8
8
1
1
8
11
1
3
3
3
4
4
5
5
10
9
9
Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
0.2
0.5
0.2
0.8
0.8
0.4
0.8
0.4
0.1
0.9
7.3
0.2
9.5
Real Estate
Comments
5
3
4
4
3
Asset Management
Q3 2025 v. Q2 2025: Stable quarter with consistent recurring fee base, despite slightly lower AuMs.
Investment Banking
Q3 2025 v. Q2 2025: Reflects impact of cyclicality and variability in deal timing, while segment continues to benefit from a robust pipeline, with several mandates expected to close in Q4 and early 2026.
Real Estate
Q3 2025 v. Q2 2025: Decline in Ocean House (Palm) development management fees, which are based on project development costs, with an anticipated rebound in Q4. Q3 2024 included a one-off structuring fee received from the Palm project.
4.2 | 0.1 | 0.8 | 0.7 | |||||
2.7 | 2.5 | 2.6 | 0.7 2.0 0.6 | |||||
0.6 | 0.6 | 0.6 | 0.6 |
0.1
Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Operating Expense Breakdown
OPEX Evolution (AED M)
Comments
11
11
9
8
9
Q3-24
Q4-24
Q1-25
Q2-25
Q3-25
Staff expenses
G&A (i.e. Technology, Professional Fees)
D&A
Other
Subs
One-offs
3
1
2
4
10
6
4
4
2
4
3
2
5
2
2
1
2
5
2
1
2
5 6
8
7
Core Business
= AED 18m
Core Business
= AED 18m
Core Business
= AED 22m
24
22
27
36
32
Firm cost discipline maintained across the Group with the continued decline in operating expenses due to cost optimization initiatives undertaken in 2024 and sustained through Q3 2025.
Core business expenses remained consistent with Q2 2025 and declined by 18% year-on-year
G&A expenses decreased by 22% in Q3 2025 compared to Q2 2025
Staff expenses increased compared to last quarter however
decreased by 15% year-on-year
Appendix
Quarterly P&L
YTD 2024
YTD 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
43,464 | 13,598 | 12,585 | 17,281 |
17,248 | 375 | 9,527 | 7,346 |
3,252 | 1,041 | 1,173 | 1,039 |
33 | 11 | 10 | 11 |
63,997 | 15,025 | 23,295 | 25,677 |
(30,341) | (10,261) | (10,256) | (9,823) |
(32,497) | (10,490) | (8,248) | (13,760) |
(3,609) | (1,321) | (808) | (1,479) |
(7,179) | (2,388) | (2,373) | (2,418) |
(73,626) | (24,460) | (21,686) | (27,480) |
(9,628) | (9,434) | 1,609 | (1,803) |
(24,940) | (7,539) | (7,564) | (9,838) |
0 | 0 | 0 | 0 |
(1,045) | 0 | 1,945 | (2,991) |
44 | (58) | 120 | (17) |
269,461 | 2,452 | 11,220 | 255,789 |
(20,151) | (1,866) | (1,702) | (16,583) |
9,754 | 0 | 16,820 | (7,066) |
223,494 | (16,446) | 22,448 | 217,491 |
(22,816) | 0 | (350) | (22,466) |
200,678 | (16,446) | 22,099 | 195,025 |
(2,234) | 472 | (3,447) | 741 |
198,444 | (15,974) | 18,652 | 195,767 |
FY 2024 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
80,899 | 18,303 | 18,371 | 18,968 | 25,257 |
386 | 0 | 0 | 0 | 386 |
6,722 | 1,005 | 744 | 760 | 4,214 |
843 | 230 | 86 | 199 | 328 |
88,850 | 19,538 | 19,200 | 19,927 | 30,185 |
(53,889) | (12,042) | (12,645) | (13,273) | (15,930) |
(53,019) | (19,776) | (14,132) | (11,108) | (8,003) |
(6,197) | (1,623) | (2,514) | (1,036) | (1,024) |
(9,848) | (2,392) | (2,411) | (2,529) | (2,515) |
(122,953) | (35,833) | (31,703) | (27,945) | (27,471) |
(34,103) | (16,295) | (12,503) | (8,019) | 2,714 |
(76,675) | (20,379) | (20,470) | (22,745) | (13,080) |
244 | (475) | (819) | (818) | 2,356 |
(54,914) | (56,230) | 4,806 | (1,732) | (1,757) |
640 | 176 | (17) | 241 | 241 |
31,350 | 10,574 | 11,175 | 2,237 | 7,364 |
(55,492) | (16,648) | (6,230) | (1,039) | (31,575) |
(144,346) | (84,827) | 1,694 | 992 | (62,204) |
(333,294) | (184,105) | (22,363) | (30,883) | (95,943) |
12,103 | 10,889 | 0 | 0 | 1,213 |
(321,191) | (173,216) | (22,363) | (30,883) | (94,730) |
22,029 | 12,269 | 825 | 1,402 | 7,533 |
(299,162) | (160,947) | (21,538) | (29,481) | (87,196) |
AED '000
Management and performance fees Advisory fees
Total revenues
Trading and custody Others
Staff costs
Total expenses
Operating profit/(loss)
General and administrative expenses Fee and commission expense Depreciation and amortisation
Finance cost
Net foreign exchange gain/(loss)
Provision for impairment losses on financial assets Interest income
Other income/(expense)
Corporate tax (expense)/income
1,213
Non-controlling interests
9,760
(138,215)
Net profit/(loss) attributable to shareholders
(147,976)
Net profit/(loss)
(149,189)
Profit/(loss) before corporate tax
Change in fair value gains/(losses) from financial assets at FVTPL Share of net profit /(loss) of investments in associates
62,596
386
5,718
613
69,312
(41,847)
(33,243)
(4,574)
(7,455)
(87,120)
(17,808)
(56,295)
719
1,317
465
20,776
(38,844)
(59,519)
Balance Sheet Summary
AED '000 Assets | 30-Sep 2025 | 30-Jun 2025 | 31-Mar 2025 | 31-Dec 2024 | 30-Sep 2024 | 30-Jun 2024 | 31-Mar 2024 | 31-Dec 2023 | 30-Sep 2023 | ||||||||
Cash and deposits with banks | 34,086 | 41,828 | 87,371 | 43,176 | 30,922 | 22,891 | 32,994 | 33,178 | 107,545 | ||||||||
Receivables and other debit balances | 117,999 | 120,799 | 111,577 | 112,381 | 166,852 | 167,152 | 175,646 | 151,408 | 239,808 | ||||||||
Loans, advances and finance leases | 84,991 | 90,990 | 85,038 | 83,600 | 98,034 | 101,934 | 106,743 | 108,110 | 230,464 | ||||||||
Financial assets at fair value | 20,490 | 30,317 | 27,731 | 41,359 | 72,671 | 72,946 | 259,914 | 337,813 | 419,389 | ||||||||
Investments in associates | 377,533 | 378,169 | 361,349 | 368,415 | 453,608 | 455,062 | 458,591 | 529,038 | 659,998 | ||||||||
Property and equipment | 4,748 | 4,737 | 5,036 | 10,548 | 14,474 | 16,425 | 20,084 | 20,515 | 21,299 | ||||||||
Goodwill and other intangible assets | 536,489 | 536,918 | 537,346 | 537,775 | 538,203 | 538,632 | 539,060 | 541,438 | 540,062 | ||||||||
Total Assets | 1,176,336 | 1,203,758 | 1,215,448 | 1,197,254 | 1,374,764 | 1,375,042 | 1,593,032 | 1,721,500 | 2,231,693 | ||||||||
Liabilities | |||||||||||||||||
Payables and other credit balances | 173,020 | 184,744 | 197,255 | 157,163 | 192,964 | 180,216 | 357,744 | 371,661 | 385,254 | ||||||||
Other financial liabilities | 86,212 | 84,921 | 108,615 | 144,687 | 143,835 | 141,963 | 139,682 | 137,156 | 142,600 | ||||||||
Borrowings | 315,190 | 313,619 | 312,811 | 854,526 | 858,795 | 849,619 | 861,606 | 862,972 | 969,774 | ||||||||
Payables to unit holders | - | - | - | - | - | - | - | - | 29,290 | ||||||||
Total Liabilities | 574,422 | 583,284 | 618,681 | 1,156,376 | 1,195,594 | 1,171,798 | 1,359,032 | 1,371,789 | 1,526,918 | ||||||||
Equity | |||||||||||||||||
Share capital | 3,659,023 | 3,659,023 | 3,659,023 | 2,535,720 | 2,535,720 | 2,535,720 | 2,535,720 | 2,535,720 | 2,535,720 | ||||||||
Share premium | 52,579 | 52,579 | 52,579 | 52,579 | 52,579 | 52,579 | 52,579 | 52,579 | 52,579 | ||||||||
Statutory reserve | 49,631 | 49,631 | 49,631 | 49,631 | 49,631 | 49,631 | 49,631 | 49,631 | 49,631 | ||||||||
Other reserves | (2,234,607) | (2,239,078) | (2,238,833) | (1,475,534) | (1,486,407) | (1,482,938) | (1,483,013) | (1,465,136) | (1,466,199) | ||||||||
Accumulated losses | (903,744) | (887,769) | (906,423) | (1,102,188) | (966,806) | (945,267) | (915,787) | (828,590) | (491,942) | ||||||||
Equity attributable to Owners | 622,882 | 634,386 | 615,977 | 60,208 | 184,717 | 209,725 | 239,130 | 344,204 | 679,787 | ||||||||
Non controlling interest | (20,968) | (13,912) | (19,210) | (19,330) | (5,547) | (6,481) | (5,130) | 5,507 | 24,988 | ||||||||
Total equity | 601,914 | 620,474 | 596,767 | 40,878 | 179,170 | 203,244 | 234,000 | 349,711 | 704,775 | ||||||||
Total Equity and Liabilities | 1,176,336 | 1,203,758 | 1,215,448 | 1,197,254 | 1,374,764 | 1,375,042 | 1,593,032 | 1,721,500 | 2,231,693 | ||||||||
Debt to Equity | 67% | 64% | 71% | NMF | 560% | 512% | 531% | 352% | 189% | ||||||||
Liabilities to Equity | 95% | 94% | 104% | NMF | 667% | 577% | 581% | 392% | 217% |