Abu Dhabi: Waha Capital, the Abu Dhabi-based investment firm, reported on Thursday Dh130 million in net profit for the second quarter of 2016, marking a 22 per cent decline compared to the Dh166.8 million recorded in the same quarter in 2015.

The figures put net profit attributable to the owners in the first six months of this year at Dh305.8 million – a 12 per cent decline from the Dh349 million recorded in the first half of 2015.

Meanwhile, Waha’s total income the second quarter of 2016 also slid to Dh288.8 million from Dh297.3 million in the same period last year. Total income for the full six-month-period in 2016 was, however, higher year-on-year, reaching Dh622.2 million from Dh580.8 million in the first half of 2015.

Salem Al Noaimi, chief executive officer and managing director of Waha Capital, said the company is aiming to leverage challenges in global financial markets this year.

“Looking at the rest of the year, Waha Capital expect the current volatile market conditions to generate attractive valuations, providing unique opportunities for group’s private equity team to deploy capital in small to mid-cap sectors across the GCC and the wider Mena (Middle East and North Africa) region,” he said in the management report.

Earlier this year, he told Gulf News that Waha Capital is planning to invest at least $100 million in its core business, with the company eyeing acquisition deals potentially this year to capitalise on valuations. The CEO said acquisitions will be in sectors like energy, infrastructure, financial services, healthcare, and education.

Excellent track record

The CEO added in a statement on Thursday the company will also focus on its asset management division.

“The company is now offering our investment expertise to third-party investors and our funds have continued to outperform their benchmarks, having established an excellent track-record over the last three years. We see this business as central to our future growth strategy,” he said.

At the end of June 2016, Waha Capital had 16.4 per cent stake in AerCap, the New York-listed aircraft leasing company. Waha increased its stake during the first half of this year from the 13.5 per cent stake it had in December 2015, making Waha Capital now the largest beneficial shareholder of AerCap.

In the first half of 2016, AerCap accounted for 43 per cent of Waha Capital’s total income, and 44 per cent of the group’s total assets.

Waha’s share prices ended trade on Thursday two per cent lower to reach Dh1.96 on Abu Dhabi bourse.