ABU DHABI: Waha Capital, a leading investment company based in Abu Dhabi, has reported a net profit of Dh175.8 million ($47.85 million) for the first quarter of 2016, a decline of 3.5 percent compared to the same period last year. Portfolio companies AerCap and Dunia Finance performed steadily and consistently, and Waha Capital’s asset management division saw a strong rise in income, as its funds continued to deliver attractive returns, said a statement.
Waha Capital reported a 17.6 percent year-on-year rise in total income to Dh333 million in the first three months of the year. Waha Capital produced a return on average equity of 4.5 percent in the first quarter, in line with a year earlier. As of March 31, 2016, the company’s assets totalled Dh11.4 billion, an increase of 18.9 percent from the end of 2015.
The company made significant investments during the quarter, acquiring 3.88 million additional shares in New York Listed AerCap Holdings for Dh519.2 million and committing Dh147.1 million in the newly launched Waha Value Fund, which invests in Mena listed equities. The company also received Dh81.9 million in distributions from Mena Infrastructure Fund, following the fund’s divestment of two of its assets.
Commenting on the results, announced following a board meeting in Abu Dhabi, Hussain Jasim Al Nowais, chairman of Waha Capital, said: “Waha Capital has recorded significant revenue growth in the first quarter, with important contributions from across the business, and we are therefore confident of delivering attractive returns to our investors in the coming quarters. Our increasingly diversified business has allowed the company to deliver a strong performance against difficult global market conditions.
“The company continues to focus on the creation of shareholder value, and is delivering a return on equity that is among the highest in the region now. Furthermore, Waha Capital’s strong balance sheet means we are in an excellent position to capitalise on attractive new investment opportunities,” he said.
