Abu Dhabi: Abu Dhabi-based Waha Capital said yesterday its net profit rose a whopping 442 per cent on year to Dh217 million for the financial quarter ended December 31.
The Abu Dhabi Securities Market-listed company said in a statement the profit was the highest since its establishment in 1997.
Waha Capital's net profit in the quarter to December 2008 was Dh40 million.
Waha Capital's operating profit increased 351 per cent on year to Dh212 million for the quarter ended December. Its total operating income also grew 71 per cent over 2008 to Dh846 million during the same period. "As of 31 December 2009, the company's operational assets are Dh4.3 billion," said Waha Capital.
Commenting on the company's financial result, CEO Salem Rashid Al Noaimi said: "We have witnessed numerous unprecedented challenges in light of the financial crisis, and its consequences remain unclear."
"However, such circumstances have also resulted in investment opportunities and possibilities for new initiatives in a number of economic sectors particularly in the emirate of Abu Dhabi and the UAE. Waha has capitalized on these opportunities as others were reluctant to push forward their investment programmes at both the local and global levels," Al Noaimi added.
