Abu Dhabi
Waha Capital, an Abu Dhabi-based investment company, reported on Tuesday a net profit of Dh425.9 million for 2017, an increase of 4.6 per cent from a year earlier supported by divestment gains and lower costs.
In the fourth quarter of 2017, the company’s net profits jumped by nearly eightfold to reach Dh158.1 million compared to Dh19.5 million in the same period of 2016, due to two transactions that booked strong gains.
The company divested its 93 per cent stake in Proficiency Healthcare Diagnostics (PHD) and agreed to sell its stake in UAE-based National Petroleum Services to Nasdaq-listed National Energy Services Reunited in a cash and shares transaction.
“The company’s financial indicators reflect the success of its strategy to diversify assets, income resources and its investment portfolio, while the continued growth in net profits in general and operating profits in particular, reflect the company’s growing ability to gain a bigger share of the investment market,” said Hussain Jasim Al Nowais, Chairman of Waha Capital, in a statement.
“With a prudent approach to managing the company’s financial resources, Waha Capital today has a strong balance sheet and the potential to move ahead with the next phase of expansion while pursuing more investment opportunities.”
During the year, Waha Capital also acquired a minority stake in Channel VAS, a financial technology company with an addressable base of over 500 million mobile subscribers further diversifying its principal investments portfolio.
