|25 March, 2019

AGM approves 7.5 % dividend for 2018 following net profit of AED 145 million

Shareholders of Waha Capital PJSC (ADX: WAHA), a leading Abu Dhabi investment company, have approved a cash dividend of 7.5 fils per share, equivalent to 7.5 percent of its paid-up capital, at the company's annual general meeting (AGM)

AGM approves 7.5nbsp;% dividend for 2018 following net profit of AED 145 million

Abu Dhabi: Shareholders of Waha Capital PJSC (ADX: WAHA), a leading Abu Dhabi investment company, have approved a cash dividend of 7.5 fils per share, equivalent to 7.5 percent of its paid-up capital, at the company’s annual general meeting (AGM).

On 24 March 2019 the company welcomed two new directors, H.E Waleed  Mokarrab Al Muhairi  and Mr. Nader Al Hammadi. The new Board comprises Waleed Mokarrab Al Muhairi (Chairman) , Ahmed Al Dhaheri (Vice Chairman), Nader Al Hammadi,  Rashed Al Ketbi, Mohamed Al Nowais, Rasheed Al Omaira and Carlos Obeid.

His Excellency Salem Rashid Al Noaimi, the outgoing Chairman of Waha Capital, commented:“It has been an honour to have helped guide Waha Capital’s sustained growth as CEO for many years and then as Chairman. During this period, Waha Capital has consistently delivered above-market returns on equity by creating value across its diversified portfolio of investments. The company is set on a clear growth path, backed by financial strength and a talented team. I am confident that the new board and senior management of the company will collaborate closely to build further on the company’s successes.”

His Excellency Waleed Al Mokarrab Al Muhairi, the incoming Chairman of Waha Capital, commented: “I would like to thank H.E Salem Al Noaimi for his highly valuable contribution to building Waha Capital into a successful diversified investment company over the last 15 years. This is a resilient company, that has remained profitable in the face of tough global market conditions.  While global economic and market challenges certainly lie ahead, I am confident that Waha Capital is well positioned to deliver attractive returns through business cycles.”

The company reported a net profit of AED 145 million in 2018, with the Private Investments and Asset Management businesses making well-balanced contributions to performance. The cash distribution amounts to AED 137.9 million, taking cumulative cash dividends over the last 13 years to over AED 2.4 billion.

Waha Capital continued to build and optimize its Private Investments portfolio in 2018, through two transactions that served to diversify and enhance the liquidity of its assets. 

The company divested its stake in UAE-based National Petroleum Services (NPS) to National Energy Services Reunited (NESR) in a cash and shares transaction. This freed up additional capital and gave Waha Capital a stake in NASDAQ-listed NESR.

Waha Capital also acquired a stake in Petronash, a leading provider of oil field services. The US$ 88 million transaction included an option to increase Waha Capital’s stake in one of the most innovative firms operating in the industry.

In the last year, assets under management in Waha Capital’s funds increased by nearly 40 percent to over US $700 million. Against a very difficult backdrop of volatile global securities markets, the company’s flagship emerging markets-focused equities and credit funds continued to deliver positive returns, building on an excellent track record of outperformance.

-Ends-

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases