Dubai: Waha Capital on Tuesday said that its net profit fell 3.5 per cent in the first three months to March.
The firm reported a net profit of Dh175.8 million in the first quarter of 2016, while total income rose 17.6 per cent to Dh333 million.
Waha Capital produced a return on average equity of 4.5 per cent in the first quarter, in line with a year earlier.
The company’s assets totalled Dh11.4 billion till March 31, an increase of 18.9 per cent from the end of 2015.
“Waha Capital has recorded significant revenue growth in the first quarter, with important contributions from across the business, and we are therefore confident of delivering attractive returns to our investors in the coming quarters,” Hussain Jasim Al Nowais, chairman of Waha Capital, said.
Portfolio companies AerCap and Dunia Finance performed steadily and consistently, and Waha Capital’s asset management division saw a strong rise in income, as its funds continued to deliver attractive returns, the company said in a statement.
Within the asset management division, income from capital markets investments increased 31 per cent to Dh98.8 million, with the Waha CEMEEA Fixed Income Fund producing a total return of 5.7 per cent in the first quarter, and the Waha Mena Equity Fund giving a total return of 4.3 per cent.
The asset management division’s capital markets investments accounted for 30 per cent of Waha Capital’s total income in the first quarter, while the division’s private equity arm accounted for 24 per cent.
