Waha Capital
Waha Capital's public markets division and funds delivered a strong third quarter. It's helping the company put some some distance from the losses last year. Image Credit: Gulf News Archive

Dubai: The fund management company Waha Capital is back on with profitable ways, with third quarter net profit at Dh86 million against a loss of Dh205 million last year. The gains were led by the company's public markets division, especially the Waha MENA Equity Fund.

The Waha CEEMEA Credit Fund also showed "significant percentage improvements", and there was also the launch of the Waha Islamic Income Fund SP in July to cater to demand for Sharia-compliant instruments. Plus, there was an income contribution of Dh72 million from its private investments arm, versus a third quarter 2019 loss of Dh151 million.

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It is clear from our investors - given the 43 per cent rise in our share price in this past quarter - that we are seen as a growth play

- Ahmed Khalifa Al Mehairi of Waha Capital

"While we exercised constraint in managing our expenses both in capex and staff recruitment terms, we have a number of new initiatives in the pipeline, including a further high-yield investment fund soon to be launched, and regional private investment deals that will help to not only consolidate but also boost the growth we are now witnessing,” said Ahmed Khalifa Al Mehairi, CEO.

Waha has been diversifying its investments, with its portfolio companies being in the energy, healthcare, real estate and financial services sectors. “Our performance in the past quarter highlights the quality of our investment approach," the CEO added. "We have the means and the appetite to grow both sides of our business and it is clear from our investors - given the 43 per cent rise in our share price in this past quarter - that we are seen as a growth play."

Dh8.8billion

Assets held by Waha as of September 30, 2020