UAE investment management firm Waha Capital reported a 32 percent year-on-year increase in first quarter net profit, helped by higher returns from its public markets business. 

Net profit attributable to shareholders for the first three months of 2022 reached 147million dirhams ($40 million), compared to 111 million dirhams a year earlier. 

The company’s public markets business, which handles emerging markets credit and equity funds, posted investment gains and fee income of 224 million dirhams. Its MENA Equity Fund returned 8.2 percent, compared to 5.5 percent a year ago, reflecting a 265.6 percent cumulative return since 2014. 

Total assets under management stood at 6.3 billion dirhams, up by 8 percent quarter-on-quarter. 

(Writing by Cleofe Maceda; editing by Seban Scaria )