Abu Dhabi: Waha Capital, an investment company based in Abu Dhabi, has reported a preliminary net profit of Dh1.73 billion for 2014, a 466 per cent year-on-year increase from Dh306.4 million in 2013, and the highest earnings in the company’s history.

For the fourth quarter of 2014, Waha Capital recorded a net profit of Dh142.1 million, up from Dh75.6 million a year earlier, an increase of 88 per cent, the company announced on Sunday.

The company, which was established in 1997, benefited from a strong performance across its principal investments, with AerCap Holdings providing the largest contribution to earnings growth.

Other investments also performed well, with the company’s capital markets division delivering above-market returns from its credit and equities portfolios, according to the company.

The preliminary results were announced following a board meeting in Abu Dhabi chaired by Hussain Jasim Al Nowais, chairman of Waha Capital, where the board recommended a dividend of Dhs0.25 per share be paid to shareholders, representing a 100 per cent increase over dividends paid in 2013.

Al Nowais said the company has delivered an exceptional year, in which it produced a 51 per cent return on equity.

“We are reaping the benefits of taking a patient, long-term view on our investments, while focusing firmly on value creation and prudent financial management. The company is in excellent shape to take advantage of the attractive investment opportunities we see emerging in the Mena region.”

Waha Capital’s assets increased by 89 per cent to Dh9.8 billion as of December 31, 2014, from Dh5.2 billion a year earlier. This increase reflects the performance by investments and company activity, including the shareholder value that was unlocked by AerCap’s acquisition of International Lease Finance Corporation (ILFC) in May, and Waha Capital’s subsequent hedging and financing transactions on AerCap shares, the company said.

In addition, the company deployed funds in new acquisitions within the health care and energy sectors as well as in the capital markets business.