Dubai
Waha Capital said on Thursday its net profit for the first quarter fell 49 per cent impacted by adjustment following reassessment of recoverable amount of AerCap stake.
In the three months to March, net profit fell to Dh87.6 million from Dh175.8 million in the same period last year.
The fall in net profit was partly due to an adjustment of Dh58.8 million against the share of income from AerCap Holdings, following a conservative reassessment of the recoverable amount on the company’s stake in AerCap, the company said in a statement.
Waha Capital produced a return on average equity of 2.4 per cent in the first quarter, while total assets increased 4.9 per cent year on year to Dh10.5 billion as at the end of March 2017. During the first quarter, Waha Capital’s shareholders approved a 2016 dividend of Dh0.20 per share, representing 90 per cent of last year’s net profit.
“Waha Capital manages a well-balanced portfolio of investments that is delivering a solid performance despite a difficult operating environment for some sectors. We intend to continue to build this business, adding private debt to our asset mix and offering this as a new fund to regional investors,” stated Salem Rashid Al Nuaimi, Chief Executive Officer and Managing Director of Waha Capital.
Assets under management totalled Dh1.6 billion as of March 2017.
