Waha Capital nets Dh35.8m profit

Waha Capital, the diversified Abu Dhabi-based ADX-listed investment holding company announced its financial results for the first half of 2011.

Total income for the six months ended June 30, 2011, stood at Dh147.8 million.

Net profits were Dh35.8 million for the period ended June 30 this year.

Waha Capital's report sent to the Abu Dhabi Securities Exchange (ADX) showed that the company's net profit for the second quarter of the year was Dh6 million compared to Dh5.98 million for the second quarter of 2010.

Total income for the same period reached Dh64.3 million compared to Dh96.5 million for the corresponding period last year.

Waha Capital's assets increased to Dh3.87 billion as at June 30, 2011, posting a 2 per cent growth during the year from Dh3.80 billion as at December 31, 2010.

Salem Rashid Al Noaimi, Waha Capital's CEO, highlighted the company's firm belief in its long-term and well-defined investment policy aimed at diversifying sources of income while meticulously considering emerging business opportunities, especially in the UAE.

In the second quarter, Waha Capital successfully closed a $ 505 Million Term and Revolving Credit Facility with eleven local, regional and international banks. Furthermore, the company continued work on its multi-use industrial complex located 25km away from Abu Dhabi city center. The project includes a fully integrated compound of warehouses, storage and light industrial facilities.