Abu Dhabi’s Waha Capital reported that its third-quarter net profit had halved to 71 million dirhams ($19.33 million) from 143 million dirhams last year due to lower income from investments and higher impairment charges. 

Net operating income came in at 155 million dirhams, down from 221 million dirhams a year earlier, the company, which counts Mubadala Investment Company among its shareholders, said in a statement to the Abu Dhabi Securities Exchange (ADX) on Monday. 

Its total income stood at 214.5 million dirhams compared with 281.5 million for the corresponding period in 2020. The decline was due to lower profit in the asset management segment of the business, the company said. 

Private investments loss rose to 33.1 million dirhams compared to a profit of 17.2 million dirhams in 2020. 

Impairment adjustment climbed to 46 million dirhams from 17 million dirhams, "following a reassessment of specific equity accounted investments recoverable amounts." 

Looking ahead, Waha Capital warned that “market valuations are starting to be impacted by inflationary signals, unpredictable pandemic restriction and slowing vaccination rates against the increasing pandemic variants.”

(Writing by Brinda Darasha; editing by Cleofe Maceda)  

brinda.darasha@refinitiv.com  

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