Abu Dhabi-based diversified investment company Waha Capital has reported net profits of Dh214.44 million for 2012, up 38.1 per cent from Dh155.31m in 2011, with key portfolio companies performing well despite global economic challenges.
“The increase in profit was due to strong performances from our investee companies, including New York -listed Aercap and Dunia Finance,” the firm said in a media statement.
Aercap was one of the main drivers of the company’s earnings in 2012, as Waha Capital’s stake in the aircraft leasing firm rose to 26.3 from
21.3 per cent as a result of a decision not to participate in AerCap’s share buy-back initiative.
Waha Capital recorded an operating income of Dh464.21m in 2012, up
21.1 per cent from Dh386.50m in 2011.
In the fourth quarter of 2012, the company’s net profit nearly doubled to Dh183.47m, from Dh92.95m for the same period last year. The main contributor to fourth quarter earnings was Waha’s share of profit from its interest in aviation investee companies.
“This was a strong year for Waha Capital, especially given the difficult global trading environment. The company is now positioned well for growth in the coming years,” said Hussain Jasim Al Nowais, Chairman of Waha Capital.
“We have taken important strategic decisions to structure the company with an aim to generate attractive and sustainable returns for our shareholders in the future, and have full confidence that the company will deliver the desired results,” he added.
Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital,
said: “We have an excellent investment team in place and a strong pipeline of potential investments, where we believe we can add value and achieve attractive returns. Operationally, we will maintain a prudent approach to financial management, and continue to focus on increasing our efficiency in the way we manage our assets.”
The value of Waha Capital’s assets stood at Dh4.44 billion as of December 31, 2012, compared with Dh4.20b a year earlier.