Abu Dhabi based investment company Waha Capital reported Dh145 million as net profit for 2018, compared with Dh425.9 million from a year ago. The board has recommended a dividend of Dh0.075 per share, subject to approval by shareholders at the annual general meeting.
“Against a difficult economic and capital markets backdrop, the team is working hard to ensure that the company remains resilient, and is well positioned to deliver growth in the coming years,” said Michael Raynes, CEO.
The company, which operates both asset management and private investments business, generated total income of Dh823.2 million against Dh1.2 billion in 2017. Total assets went up to Dh11.7 billion, from Dh11.4 billion.
During the year, the company divested its stake in UAE-based National Petroleum Services (NPS) to National Energy Services Reunited (NESR) in a cash and shares transaction. This freed up additional capital and gave Waha Capital a stake in Nasdaq-listed NESR.
Waha Capital also acquired a stake in Petronash, a provider of modular wellsite packages, chemical injection systems and wellhead control systems to the oil and gas industry. The $88 million transaction included an option to increase Waha’s stake in the firm.
“The Petronash deal was structured to give Waha Capital even more upside through a larger stake, as the company grows,” said Raynes.
“Our asset management business continues to grow, through an intensified marketing programme that is targeting institutional investors in the MENA region and North America. While debt and equity capital markets have been volatile in the last year, our funds continue to outperform benchmarks, and have delivered impressive total returns over the last five years.”