Waha Capital reports of Dh27.5 million net profit in third quarter

Abu Dhabi: Waha Capital PJSC, a diversified investment company based in Abu Dhabi, reported on Monday a net profit of Dh27.5 million for the third quarter of 2012 compared with a net profit of Dh26.6 million in the same period of 2011.

Waha Capital’s portfolio investments continued to perform well against a backdrop of global macroeconomic uncertainty.

The financial results were announced following a Board meeting of Waha Capital in Abu Dhabi on Sunday, chaired by Hussain Jasem Al Nowais, Chairman of Waha Capital. The company currently has assets worth Dh4.24 billion, compared to Dh 4.2 billion at the end of 2011.

In the third quarter, Waha Capital recorded total revenues of Dh69.2 million, compared to Dh79.5 million a year earlier. Total operating expenses were Dh43.7 million in the quarter, compared to Dh52.3 million a year earlier.

“We are pleased with the performance of our investments, especially given the difficult global market conditions,” said Salem Al Noaimi, Waha Capital’s Managing Director. “Our balance sheet remains strong, and we are now well-positioned to take our business forward, capitalising on attractive investment opportunities in growth areas, particularly in the GCC.”

Among Waha Capital’s key investments, New York-listed Aercap Holdings is well positioned for growth, having arranged debt financing of $210 million in the third quarter, bringing total capital raising this year to $860 million. The company continued to grow its portfolio in the third quarter, taking delivery of eight aircraft and acquiring three new Boeing 737-800 aircraft and a new Airbus A330-300, while selling five older aircraft. Aercap’s portfolio now totals 337 aircraft, either owned, on order or managed.

Stanford Marine Group, a company in which Waha Capital owns a 49 per cent stake, continues to see strong leasing demand for its vessels, recording a utilisation rate of over 90 per cent in the third quarter. During the period, the company inaugurated its new state-of-the-art shipbuilding facility in Dubai Maritime City, which should allow significant additional capacity.

Dunia Finance, in which Waha Capital owns a 25 per cent stake, has continued its strong growth trajectory, recording a six-fold rise in net income in the first nine months of this year. In this period, Dunia’s loan portfolio grew by 28 per cent, funded mostly by a 60 per cent increase in deposits.