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29 March 2024

Waha Capital profit surges

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By Staff

Abu Dhabi investment firm Waha Capital said on Sunday that its first-quarter net profit surged on the back of strong performances at its portfolio companies.

Waha Capital posted a quarterly net profit of Dh85.3 million ($23.2 million), compared with Dh15.9 million for the year-ago quarter.

Profits were driven by key portfolio companies, including New York-listed aircraft lessor AerCap Holdings, United Arab Emirates-based consumer finance company Dunia Finance, and Waha's advisory business, it said.

Operating income totaled Dh138.6 million, up 70 percent from Dh81.7 million a year earlier.

The first-quarter financial results were announced following a Board meeting in Abu Dhabi chaired by Hussain Jasim Al Nowais, Chairman of Waha Capital, and attended by the members of the Board of Directors and the executive management of the company.

“We have seen a strong start to the year, and are very pleased with the performance of our key direct investments,” said Al Nowais.

“Waha Capital’s focus is firmly on increasing shareholder value, while minimizing risk through diversification, and we look forward to actively enhancing our investment portfolio in the coming quarters.”

Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital, said: “Our experienced investment team has identified a strong pipeline of investment opportunities, where we believe we can add value and achieve attractive returns. We are also developing our financial services capability in order to add a further dimension of liquidity and diversification to our asset mix.”

The value of Waha Capital’s assets stood at Dh4.4 billion as of March 31, 2013, unchanged from the end of the previous quarter.