Rasmala 2015 profit drops 58pc

27/04/2016 13:19 AST

Rasmala, an independent investment management group, has posted a profit of £0.25 million ($363,500) for 2015 as compared to £0.6 million during the previous year, marking a fall of 58.3 per cent.

Operating income before tax stood at £0.5 million as against £1.5 million in 2014, while assets under management dropped to $1,072 million from $1,113 million.

Zak Hydari, chief executive of Rasmala said: "We are pleased to report a third consecutive year of profit in 2015. Despite the considerable macroeconomic volatility, we saw another year marked by strong performance of our flagship funds, the launch of new fund offerings and the expansion of our real estate capabilities and team. We also unified our Group under one name, Rasmala. We now operate under one brand and one vision across all our markets."

"We expect the market volatility to remain during 2016, however, we are confident that the robust foundations we have put in place across our Group will allow us to continue to grow our business into both new markets and new product lines," he added.

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