Dubai-based investment bank Shuaa Capital has reported a drop in its first-quarter net profit after accounting for a write down of intangible assets worth Dh31 million ($8.4m). Net profit attributable to owners of the parent for the three-month period to the end of March fell to Dh5.6m, compared to Dh25m reported during the same period last year, the company said in a <a href="https://feeds.dfm.ae/documents/2022/May/11/990e5313-49ce-4ef4-9524-4c55ba0b28ae/SHUAA_FS_Q1_E_11_05_2022.pdf" target="_blank">statement</a> on Thursday to the Dubai Financial Market, where its shares are traded. The company's net profit would have jumped 46 per cent to Dh37m without the write-off, Shuaa said. “The business has successfully managed through the significant headwinds since the start of the year: the war in Ukraine and the associated geopolitical uncertainties, accelerated inflationary pressures and commodity price increases along with heightened market uncertainty and volatility," said Jassim Alseddiqi, group chief executive of Shuaa Capital. "The strengths of our business model are the high degree of diversification and our ability to adapt quickly and take advantage of market opportunities while continuing to build on increasing our recurring revenues and strengthening our balance sheet." The group's reported debt-to-equity ratio declined by a net 22 percentage points to 112 per cent during the quarter, making it the lowest ratio since 2019. Shuaa Capital merged with the Abu Dhabi Financial Group three years ago to create a business with both an asset management and investment banking platform that offers diversified revenue streams across different countries. In March, the company's asset management arm launched a $250m fund, the GCC's largest venture debt fund, to support the growth of regional technology companies seeking alternative sources of capital. Shuaa also launched a $100m initial public offering on Nasdaq New York in March, as the first of its three planned special purpose acquisition companies (Spacs). The same month, Shuaa Capital also bought Abu Dhabi-based offshore support vessels provider Allianz Marine and Logistics Services in a deal that will create the Middle East's largest portfolio and the fourth biggest fleet in the world. The transaction is one of the largest merger and acquisition deals in the maritime offshore sector in the Middle East. The group also acquired a stake in UAE-based FinTech Souqalmal in an effort to enter the personal finance space. These deals have demonstrated the company's "ability to effectually execute in a challenging environment”, said Mr Alseddiqi. The company also said "its management remains focused on delivering performance in its core business and identifying new opportunities for the group".