Waha Capital
Two of its key funds gave stellar returns, which smoothed Waha Capital's transition back into profitability. Image Credit: Supplied

Dubai: Abu Dhabi based investment company Waha Capital is back in the black, recording net profits of Dh231 million against losses of Dh616.3 million for 2018. In what will please shareholders, the company – which had been through a major restructuring of strategy last year – is giving out dividends of Dh0.06 a share – equal to 48 per cent of profit.

The full-year profit was boosted by what Waha generated in the final three months - Dh172.5 million.

"The results we saw in 2020 are rooted in the implementation of a turnaround strategy that demonstrated commendable determination and resilience, such as going ahead with a number of ground-breaking investments and launching a new fund,” said  Waleed Al Mokarrab Al Muhairi, Chairman.

"That we were also able to accomplish a change of leadership so seamlessly in the third quarter says much for the effective overall management of the business."

Assets under management were up 4 per cent to Dh3.4 billion (AED 3.3 billion in 2019). Waha shareholders include Abu Dhabi wealth fund Mubadala.

Gains from funds

One of its key funds - Waha CEEMEA Credit Fund SP - returned 14.9 per cent in 2020. The other, Waha MENA Equity Fund SP, created a return of 14.3 per cent during the period. They have "significantly outperformed industry benchmarks, despite market turbulence as a result of the ongoing pandemic," Waha Capital said in a statement.

“The story of our performance in 2020 portrays the success of both verticals of the business - public markets and private investments - in pressing ahead with their strategies for the year despite the high volatility brought about by the pandemic," said Ahmed Khalifa Al Mehairi, CEO.