Mubasher: Waha Capital has reported a preliminary net profit of AED 407.2 million for the fiscal year 2016 which came 30.7% lower than in 2015, according to a press release issued on Monday.
The Abu Dhabi-based company achieved AED 19.5 million worth net profit during the fourth quarter of 2016.
“The company delivered a strong return on average equity of 10.5 percent for the 2016 financial year,” according to the statement.
The board has recommended a dividend of AED 0.20 per share for FY16, subject to approval by shareholders at Waha Capital’s annual general meeting.
Waha Capital clarified that total income generated by the Capital Markets division soared by 76% to AED 345.8 million in 2016.
“We are firm believers in our portfolio companies and we expect income contributions from them to increase in the future. Our Capital Markets division saw significant income growth after its emerging market credit and equity funds delivered exceptional returns, adding to their excellent multi-year track-record,” CEO Managing Director of Waha Capital, Salem Al Noaimi, said.
