Abu Dhabi: Diversified holding company Waha Capital Wednesday reported a 186 per cent increase in net profit to Dh33.4 million during the first quarter of 2010 compared to the net profit for the same period last year.
The company's financials for the first quarter were presented at the company's board meeting in Abu Dhabi, which was led by Chairman Hussain Al Nowais. Revenues for the first quarter increased 14.3 per cent to Dh112.1 million. Operating profit grew 183.6 per cent to Dh32.7 million. Assets stood at Dh4.32 billion during the first quarter, a 1.7 per cent growth over the same period in 2009.
Al Nowais said the results are "a testament to the success of the business diversification initiatives" undertaken by the company during the past two years.
"Our strategic diversification plan has enhanced revenue streams and earned tangible growth in different economic sectors, despite the unprecedented challenges faced by the global economy. We will continue to uphold our diversification strategy, and the revenues will help achieve higher levels of profitability and competitiveness."
He added: "One of the highlights was closing the deal for financing nine advanced military transport aircraft on behalf of the UAE Armed Forces at a value of Dh6.7 billion."
