Abu Dhabi-Mubasher: Waha Capital said that its board recommended on Wednesday the distribution of cash dividend at 20% of capital or 20 fils per share for the fiscal year 2015, totalling AED 389 million.
The board also approved the company’s FY15 audited financial statements, according to a bourse filing on Sunday.
Shareholders will convene their ordinary general meeting on 23 March to discuss the board’s proposal.
The company posted net profits of AED 588 million in the fiscal year 2015, a rise of 18% from adjusted net profits of AED 498.1 million a year earlier, after taking out net non-recurring items, primarily the one-off gain recorded in 2014 on the company’s stake in AerCap Holdings.
“Thanks to our increasingly diversified portfolio of investments, Waha Capital produced a strong performance in 2015 despite challenging market conditions, and we believe the proposed dividend reflects this,” according to Chairman Hussain Jasim Al Nowais.
The profit rise is attributed to key investments in the aircraft leasing and consumer finance sectors, as well as a strong performance by the company’s capital markets portfolios, the company said, adding that this represented a return on equity of 14.3%, which is one of the highest figures achieved for 2015 by a publicly listed company in the region.
