Dubai: Waha Capital said on Sunday its first quarter net profit rose 22.6 per cent to Dh107 million driven by a strong performance by the company’s asset management division and the disposal of 3.77 million shares in AerCap.

The company’s total income for the quarter ending March increased 18.9 per cent year on year to Dh316.2 million.

“The first quarter results show the strength of our business, with our asset management division providing robust growth, to compliment a steady performance by our principal investments portfolio,” Salem Rashid Al Noaimi, Chairman of Waha Capital, said.

“Waha Capital’s transactions in the last year have further diversified our assets, and we are actively pursuing further attractive investment opportunities,” Noaimi said.

The company also reported a Dh25 million gain from the sale of 3.77 million shares in New York-listed AerCap Holdings. Waha Capital retains a 15.68 per cent stake in the world’s largest aircraft leasing firm.

The Waha Mena Equity Fund provided a 10.8 per cent total return in the first quarter of 2018, and the Waha CEEMEA Fixed Income Fund gave a total return of 4.1 per cent in the same period.