Abu Dhabi: Waha Capital, an investment company based in Abu Dhabi, has reported a net profit of Dh466.9 million for the first nine months of 2015. Earnings were driven by the performance of key portfolio investments AerCap Holdings, Dunia Group and the capital markets division, the company said in a statement.
Net profit for the nine-month period was 31 per cent higher than an adjusted net profit of Dh355.9 million achieved in the first nine months of 2014, after taking out net non-recurring items, primarily the one-off gain that the company recorded last year on its stake in AerCap Holdings.
The nine-months net profit was also 102 per cent higher than the net profit of Dh230.8 million that was recorded in the corresponding nine-month period of 2013.
Waha Capital, which manages direct Principal Investments as well as global securities portfolios, recorded a third quarter net profit of Dh117.9 million.
Diversifying assets
Commenting on the results, announced following a board meeting in Abu Dhabi, Hussain Jasim Al Nowais, Chairman of Waha Capital said: “Waha Capital is performing very well against a difficult global macroeconomic and markets backdrop. We are benefiting from an increasingly diversified portfolio, which includes investments in solid, well-managed companies.”
Salem Rashid Al Nuaimi, CEO and Managing Director of Waha Capital added: “We are in a strong financial position, which allows us to focus on growing and further diversifying our assets. Our investment teams are assessing new direct investment opportunities in energy, infrastructure, health care and education, and current market conditions mean that this is an opportune period to deploy capital in these areas.”
“Waha Capital’s Capital Markets Division will also begin to market its public equities and credit funds to regional investors in the coming weeks, marking the launch of a new fee-generating business.”
