Shuaa reported a 2018 net profit of AED 28.5 million. AED 31.4 million of that is attributed to negative goodwill, an intangible asset and not part of recurring ordinary operating income. This means that if you use the market values of assets as opposed to their accounting treatment based on appraisals of the value, then Shuaa’s P/L could be considered a loss of AED -2.9 million.
In effect Shuaa uses the theory of accounting to override the experience of investors in the Kuwaiti stock market so as to turn a loss into a profit.
But don’t take my word for it. Only a coward would say things without supporting it with credible arguments, based on known facts, and reliable public sources.