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|08 November, 2018

Waha Capital 9-month net profit surges to $80mln

The funds, which have consistently outperformed key indices over several years, were impacted in the third quarter by volatility in global capital markets.

An employee shows U.S. dollars banknotes at a money changer in Jakarta, Indonesia, April 24, 2018. Pictures taken April 24, 2018. Antara Foto/Hafidz Mubarak/via REUTERS

An employee shows U.S. dollars banknotes at a money changer in Jakarta, Indonesia, April 24, 2018. Pictures taken April 24, 2018. Antara Foto/Hafidz Mubarak/via REUTERS

Waha Capital, a leading investment company in Abu Dhabi, has reported a 10.2 per cent rise in net profit to Dh295.1 million ($80.3) in the first nine months of 2018, largely driven by the company’s private investments business.

The company posted a total income of Dh812.2 million for the period, in line with the same period last year.

For the third quarter (Q3) of the year, Waha Capital posted a net profit of Dh55.4 million, down 34.6 per cent year-on-year (YoY), while total income reached Dh199.4 million, down 24.9 per cent YoY

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The company’s Private Investments business recorded a net profit of Dh309.2 million in the nine-month period, an increase of 16.9 per cent from the previous year.  The business benefited from a continued robust contribution from its stake in New York-listed AerCap Holdings NV, as well as a gain of Dh64.1 million from the sale of 6.68 million AerCap shares following their expiration from a collar hedging and financing arrangement.

Waha Capital’s Asset Management business, which manages emerging market fixed income and equity funds, recorded a net profit of Dh138.8 million in the nine-month period. The funds, which have consistently outperformed key indices over several years, were impacted in the third quarter by volatility in global capital markets.

Salem Rashid Al Noaimi, chairman of Waha Capital, said: “Waha Capital continues to build on its track record of profitability, again delivering a strong return on equity. In a year when macro-economic conditions have been difficult, and global capital markets are extremely volatile, the company is benefiting from our long-standing strategy of diversification. We are confident that our robust business is positioned for growth, with our Private Investments team working on opportunities to expand our portfolio, and Asset Management attracting third-party investors to our funds.”    

Michael Raynes, CEO of Waha Capital said: “Our Private Investments business continues to grow through a strategy of investing in high potential companies in our areas of expertise, including energy, financial technology and financial services.

“Our recent acquisition of a stake in Petronash, a highly innovative oil and gas services company, is in line with this targeted approach, and we will pursue other similar opportunities. Meanwhile, the Asset Management business has an outstanding multi-year track record of outperformance, and we are gaining traction in the marketing of our funds. Thanks to our strong balance sheet, liquidity and cashflows, Waha Capital is able to navigate difficult conditions, to consistently deliver attractive returns through market cycles.” – TradeArabia News Service

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