Waha Capital reports loss of Dh57.8m in Q1 2019

In the first quarter, Waha Capital disposed 3 million AerCap (a global aircraft leasing firm listed on New York Stock Exchange) shares equivalent to a 2.1 per cent stake in the company for Dh490 million, the Abu Dhabi listed firm said in a statement.

The company’s stake in AerCap stood at 10.3 per cent at the end of March, down from 12 per cent at the end of December 2018.

“Our Principal Investments business is focusing on high-growth investments in our areas of expertise, such as financial services and energy. Although short-term market conditions have impacted some investments, notably AerCap, Waha Capital remains in a strong position to deliver sustainable growth and an attractive return on equity in the coming years,” said Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital.

He also said Waha Capital is implementing a long-term strategic transformation to a highly liquid portfolio of diversified investments that deliver strong cash flows.

“As we transition, the Asset Management division is creating sustained value, by increasing assets under management, and through consistent outperformance by our funds.”

On the other hand, the company’s Asset Management business, which manages emerging market fixed income and equity funds, recorded a net profit of Dh151.7 million in the first quarter, an increase of 28 per cent from a year earlier. Assets under management have also increased to Dh2.7 billion.

Waha Capital also has a 35 per cent stake in oil and gas services firm Petronash, 19.5 per cent stake in Dubai-based fintech firm Channel VAS and 95 per cent stake in Anglo Arabian Healthcare.

In the first quarter of 2019, revenue increased in Petronash to $36 million, in Channel VAS to Dh55 million and in Anglo Arabian Healthcare, revenue was up by 21.9 per cent to Dh78.9 million.