ABU DHABI - Waha Capital PJSC, a leading investment company in Abu Dhabi, has reported a strong increase in first-half net profit, driven by returns delivered by its public markets funds management business.
The company recorded a net profit of AED 265 million in the first half of 2021, compared to a net loss of AED 27 million in the same period of 2020. In the second quarter, net profit was AED 154 million, a 39 percent increase sequentially and 42 percent lower than a year earlier. Meanwhile, the company continued its disciplined approach to enhancing efficiencies, with the cost to income ratio for the first half improving to 26 percent from 31 percent a year earlier.
The Public Markets business, which manages emerging markets credit and equity funds, delivered healthy returns on proprietary investment made by Waha Capital as well as fee income from third-party investors. The business reported net income of AED 320 million during the first half of the year. The Private Investments business produced net income of AED 34 million during the period from its diversified portfolio of global assets, which include exposure to healthcare, industrial real estate, energy, travel, and U.S. equities.
Waleed Al Mokarrab, Chairman of Waha Capital, said: "Waha Capital has successfully navigated the diverse challenges presented by the pandemic over the last 18 months, including widespread economic disruption as well as volatility in global capital markets and in oil prices. The positive financial performance in the first half of the year and a robust balance sheet provide solid foundations for the company as it embarks on its next phase of growth.'' ''The Executive Management team, with the full backing of the Board, is taking a rigorous approach to implementation of a strategy to develop further depth and scale in both the funds management business and the private investments business. Our objective is clear: to deliver continuous value creation to shareholders within a world class governance framework," he added.
© Copyright Emirates News Agency (WAM) 2021.