Waha Capital
The company's flagship credit and equity funds produced positive returns in the face of continued volatility in global markets. Image Credit: Gulf News Archive

Abu Dhabi: Abu Dhabi based investment company reported a 221 per cent increase in net profit year-on-year to Dh318 million for H1-2023 - equating to a return on equity of 12.6 per cent. The company delivered record numbers on the back of healthy returns from its capital markets funds and higher fee income from managing third-party assets.

“Our investment teams have continued to create value while managing risk amid heightened uncertainty in global markets,” said Mohamed Hussain Al Nowais, Managing Director. “Our flagship emerging markets credit and equity funds have continued to deliver exceptional returns to the company and our clients.”

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The company recorded total operating income of Dh500 million in the first six months of 2023, an increase of 123 per cent from Dh224 million a year earlier. “Income growth was primarily driven by the strong performance of Waha Investment as its emerging markets funds continued to deliver considerable returns and attract significant capital,” the company said

We are attracting a high level of interest among regional institutional investors and family offices, which is translating into substantial capital commitments. Assets under management now exceed $2 billion, with third-party assets accounting for 57% of this total.

- Mohamed Hussain Al Nowais

While the company maintained strong cost discipline, operating expenses increased due to performance-based incentive compensation accruals, which rose in line with investment results. The company said that the higher benchmark interest rates have contributed to an increase in finance costs to Dh61 million from Dh54 million a year earlier.