Thursday, Feb 02, 2012
(This story was originally published Wednesday.)
DUBAI (Zawya Dow Jones)--Waha Capital (WAHA.AD), a diversified investment company, said Wednesday its fourth-quarter net profit fell 46% on year to 93 million U.A.E. dirhams ($25.3 million), but the Abu Dhabi-based company still plans to forge ahead with new investments.
Waha made a fourth-quarter 2010 net profit of AED172.4 million mainly due to a gain it booked when it purchased a stake in aircraft leasing firm AerCap. The company's full-year 2011 net profit fell 38% on year to AED155.3 million, Waha said in a statement posted on the Abu Dhabi bourse website.
"We are actively looking to invest in selected sectors where we can add value and achieve attractive returns, while maintaining a prudent approach to financial management," Salem Al Noaimi said in the statement.
Waha, which is part-owned by Abu Dhabi government-owned Mubadala Development, has interests in industries ranging from financial services and real estate to aircraft leasing and marine businesses.
Last year, it took out a $505 million revolving loan facility with 11 local and international banks to finance existing and future investments.
The company's assets were worth AED4.23 billion at the end of last year, according to the statement, an 11.4% rise from the year earlier.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
02-02-12 0352GMT
