Dividend represents yield of approximately 8.2% on 03 April closing share price

Waha Capital CEO & MD says company in a strong position to make investments

Abu Dhabi, 07 April 2013 - The Annual General Assembly of Waha Capital PJSC, a leading diversified investment company based in Abu Dhabi (ADX: WAHA), approved last Thursday a recommendation by the company's Board of Directors to pay its shareholders a cash dividend of AED 0.06 per share. The dividend represents a yield of approximately 8.2 percent on the closing share price on 03 April 2013.

The announcement was made at the meeting, which took place in Abu Dhabi and was chaired by Salem Rashid Al Noaimi, Chief Executive Officer and Managing Director of Waha Capital, and attended by shareholders, board members, and the company's executive management. 

Al Noaimi stated that the company had performed well in 2012, recording a 38 percent rise in net profit to AED 214.44 million despite continued uncertainty in the global economy. The value of Waha Capital's assets stood at AED 4.44 billion as of 31 December 2012, compared with AED 4.20 billion a year earlier.

He said the company was in a strong position to make investments in areas of high potential.

"In 2012, Waha Capital continued to work hard to ensure that its balance sheet remains strong and that it has the means to seize further investment opportunities when they arise," Al Noaimi said.  "The coming year should see us entering new sectors to tap into areas of high potential return for our shareholders."

He also noted that despite difficult global market conditions, Waha Capital's portfolio companies had made considerable progress in 2012.

New York Stock Exchange-listed AerCap, in which Waha Capital has a 26.3 percent stake, signed US$1.5 billion of new financing and made significant improvements to its fleet. The company purchased 20 new aircraft, delivered 35 aircraft under lease and signed lease agreements for 47 aircraft. Over the course of the year, the company sold 70 aircraft as part of a strategy to maintain a young fleet, reducing the average age of its aircraft to 5.1 years from 5.8 years. 

Stanford Marine Group (SMG), an oil and gas services firm in which Waha Capital has a 49 percent stake, recorded a utilization rate of 92 percent in 2012. The company successfully renewed charters for 11 vessels and took delivery of two new vessels, both of which are now currently under charter; SMG now has 42 vessels in operation.  Furthermore, the company extended its reach into East Africa, successfully tendering for a new contract in Tanzania.  

Dunia Finance, which was co-founded by Waha Capital and in which Waha Capital has a 25 percent stake, continued its strong growth with net income increasing four-fold in 2012. Revenues rose 37.4 percent to AED 267 million, as the customer base grew by 28 percent to 113,600 and loans increased by a third in 2012.

Waha Land, a wholly owned subsidiary of Waha Capital, completed the first phase of its light industrial and warehousing development ALMARKAZ in 2012. The project is seeing strong leasing interest in all its offerings, including serviced land plots, single units ranging from 250 sq m to 12,000 sq m, as well as potential for build-to-suit and turn-key options. 

Al Noaimi added:  "The considerable increase in net profit last year shows that our assets are performing well, which bodes well for the future. We have a strategy for growth in place, as well as an excellent investment team and a strong pipeline of potential investments, where we believe we can add value and achieve our priority - providing attractive returns for our shareholders. Operationally, we will maintain a prudent approach to financial management  and continue to focus on increasing our efficiency in the way we manage our assets."

Al Noaimi concluded the meeting by thanking the leadership of Abu Dhabi, represented by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE and His Highness General Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, for their continuous support to all national companies.

He also thanked the company's shareholders, partners, clients, board members, management team and staff at Waha Capital for their commitment and contribution to the group's success. 

-Ends-

Waha Capital PJSC is an Abu Dhabi-based diversified investment company listed on the Abu Dhabi Securities Exchange.  Waha Capital's vision and strategy consist of driving multi-sector business growth and diversification through acquisitions, joint ventures and creation of new business. The firm's activity is spread across sectors as diverse as financial services, aviation, offshore oil and gas services, and real estate development. Waha Capital's institutional shareholders include Mubadala Development Company.  For more information please visit www.wahacapital.ae

For further information, please contact:
Dana Chehayeb
Head of Corporate Communications
Waha Capital
Tel: +9712 667 7343
E-mail: Dana.chehayeb@wahacapital.ae

© Press Release 2013