Waha Q1 profit jumps 78%

Abu Dhabi investment company Waha Capital posted a 78-per cent jump in first-quarter profit on Tuesday as the sale of its stake in AerLift Leasing boosted the firm's income.

Waha Capital's net profit in the three months to end-March rose to Dh152 million ($41.4 million) from Dh85 million a year earlier, it said in a statement.

Last month, Waha Capital said it had sold its 60.7 per cent stake in AerLift Leasing, which owns a portfolio of 11 commercial aircraft operated by a number of international airlines, to a US-based investor.

The firm did not disclose the sale price at the time but disclosed on Tuesday that it was Dh307 million.

Hussain Jasim Al Nowais, Chairman of Waha Capital, said: “We will pursue select investment opportunities in high potential sectors in order to continue to deliver strong returns to our shareholders.”

Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital, said: “We are well capitalised and in an excellent position for further expansion in areas with high growth potential, such as healthcare, education and other sectors where we see value.”

Dunia Finance, in which Waha owns a 25 per cent stake, reported a 55 per cent rise in Q1 net profits to Dh41 million.

Dunia’s loan book grew 39 per cent to Dh1.1 billion, up from Dh804 million in the same period in 2013. The company gained 6,209 new customers during the quarter and saw its deposits increase by 10 per cent from the previous quarter.

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