Waha net profit up 34% in third quarter

Dubai: Waha Capital, the Abu Dhabi-based diversified investment holding company, has reported a net profit of Dh40 million for the third quarter of 2008, an increase of 34 per cent over the corresponding period last year.

The announcement was made after the board of Waha Capital met in Abu Dhabi on Monday.

Waha Capital's report sent to the Abu Dhabi Securities Exchange (ADX) has shown that its net profits for the nine months ending September 30, 2008 reached Dh107.1 million from Dh91 million in 2007, an increase of 17.7 per cent.

The company's revenues for the same period reached Dh401.6 million in 2008, an increase of 23.7 per cent compared to last year.

In addition, the company's operating profits increased by 26.8 per cent, reaching Dh102.5 million as on September 30, 2008 compared to Dh80.8 million for the same period in 2007. Operating assets increased to Dh4.467 billion, posting 2.9 per cent growth over the period ending September 31, 2007.

Diversification strategy

Waha Capital unveiled its strategy for diversified business growth in February this year when it announced its transformation from a single-business entity into a holding company with four sector-specific subsidiaries: Waha Leasing, Waha Maritime, Waha Financial Services and Waha Land.

At the time, Waha Capital said it would pursue a strategy to drive multi-sector business growth and diversification through acquisitions, joint ventures and the creation of new businesses with investments worth Dh20 billion.