Abu Dhabi investment management firm Waha Capital has more than doubled its Q1 net profit attributable to shareholders to AED 166 million ($45.2 million).

Its private investments business recorded AED 37 million in net profit, supported by mark-to-market gains on certain portfolio assets, the company said on on Wednesday.

Total assets under management stood at AED 11.1 billion, an increase of 5.7% from AED 10.5 billion at the end of 2023. Net operating income increased by 73% to AED 418 million.

Shareholders of the company had approved in March a cash dividend of 10 fils per share, which included a 1.5 fils per share special dividend for the 2023 financial year.

(Writing by Cleofe Maceda; editing by Brinda Darasha)