Dubai-based investment bank Shuaa Capital has posted a drop in Q1 2022 net profit after writing down intangible assets worth 31 million dirhams ($8.4 million).

Attributable net profit for the period fell to 5.6 million dirhams, compared to 24.9 million posted in the year-ago period last year, the company said in a statement on Thursday to the Dubai Financial Market.

Excluding the write-down, the company’s net profit would have come in at 37 million dirhams, the statement added.

Net operating revenue was 89.4 million dirhams compared with 102 million dirhams in the year-ago period.