It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
Waha Capital, an Abu Dhabi-listed investment management company, has reported a strong increase in nine-month net profit, with its emerging markets credit and equity funds continuing to provide robust returns despite volatility in global capital markets.
The Abu Dhabi-based company recorded a net profit of Dh297 million in the first nine months of 2021, compared to a net profit of Dh59 million in the same period of 2020. Net profit for the third quarter stood at Dh32 million. The company also maintained an efficient operating model, with a cost to income ratio of 24.5 per cent for the trailing 12-months.
The Public Markets business, which manages emerging markets credit and equity funds, reported investment gains and fee income of Dh429 million in the nine-month period. The Private Investments business produced a net income of Dh1 million, with the global pandemic and market volatility impacting certain sectors within the portfolio.
“Waha Capital has continued to develop a world-class investment management business, despite a challenging global operating environment this past year, marked by the lingering impact of the pandemic on many economic sectors,” said Waleed Al Mokarrab Al Muhairi, chairman of Waha Capital.
He said the company benefits from a strong balance sheet and a robust governance structure that provides confidence not only to shareholders but also to business partners, and third-party investors.
“Waha Capital’s balanced and well diversified business is well placed to create long-term shareholder value through market and business cycles,” he said.
Ahmed Khalifa Al Mehairi, CEO of Waha Capital, said the company has delivered a solid return during the first nine months of this year, successfully navigating a tough global macro-economic environment and increased capital mar-kets volatility in recent months.
“The Public Markets business has grown to over $1 billion in assets under management, with each of our investment strategies continuing to produce attractive returns for the company and our third-party investors,” he said.
“Waha Capital’s positive financial performance this year reflects our successful transition from implementation of a turn-around strategy to a new phase of growth,” he added.
— muzaffarrizvi@khaleejtimes.com
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