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Waha reports 78% rise in net profit

Waha Capital, a leading investment company based in Abu Dhabi, has reported a net profit of Dh152 million for the first quarter of 2014, compared to the Dh85 million recorded in the first quarter 2013, representing a 78 per cent increase.

The continuous and accelerated growth in net profit was driven by income generated from Waha Capital’s portfolio of diversified investments, and was further supported by the proceeds from the sale of the company’s stake in AerLift during the first quarter. The value of Waha Capital’s assets increased four per cent to reach Dh5.45 billion, up from Dh5.24 billion as at December 31, 2013. Total shareholder equity increased to Dh2.5 billion in the first quarter of 2014, from Dh2.4 billion a year earlier.

The quarterly results were announced following a board meeting in Abu Dhabi chaired by Hussain Jasim Al Nowais, chairman of Waha Capital, and attended by board members and representatives of the company’s executive management. Al Nowais said: “Waha Capital is delivering on its promise to maximise shareholder value, and deliver even higher return on equity. In only three months, the company has recorded the equivalent of half of last year’s full-year net profit. We are confident that the successful implementation of our diversified strategy will position the company as a key player in the global market.”

Salem Rashid Al Noaimi, chief executive officer and managing director of Waha Capital, added: “It is particularly important to note that our profits are now being generated from across our investment portfolio. We have also created a robust risk-return profile to manage and grow the company’s assets. The increasing contribution of our capital markets division is also quite encouraging.”

— business@khaleejtimes.com