UAE: Waha Capital’s profits to owners reach $60.62mln in 9M-23

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Abu Dhabi – Waha Capital logged net profits attributable to the owners valued at AED 222.48 million in the first nine months (9M) of 2023, an annual surge of 19% from AED 186.96 million.

Net operating income hit AED 679.45 million in January-September 2023, up 54% year-on-year (YoY) from AED 440.54 million, according to the financial results.

Basic and diluted earnings per share (EPS) attributable to the shareholders increased to AED 0.11 in 9M-23 from AED 0.10 a year earlier.

Total assets amounted to AED 11.76 billion in 9M-23, versus AED 9.49 billion as of 31 December 2022.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, the DFM-listed company recorded a 46% YoY plunge in net profit to AED 53.63 million, compared to AED 99.68 million.

The revenues dropped by 18% to AED 179.11 million in Q3-23 from AED 216.54 million in Q3-22, while the basic and diluted EPS rose to AED 0.06 from AED 0.04.

Mohamed Hussain Al Nowais, Managing Director of Waha Capital, noted: “The company has achieved a return on average equity of 11% in 2023, despite the impact macroeconomic headwinds and heightened geopolitical risks have had on global markets.”

“Our asset management business’ exceptional track record has continued to attract major international institutional investors, with third-party commitments totalling $800 million this year,” Al Nowais said.

In the first half (H1) of 2023, Waha Capital recorded 221% higher net profits attributable to the shareholders at AED 318 million, compared to AED 99 million in H1-22.