Abu Dhabi - Mubasher: Waha Capital on Tuesday posted a net profit of AED 175.8 million for the first quarter of 2016, a 3.5% year-on-year decline.
“Portfolio companies AerCap and Dunia Finance performed steadily and consistently, and Waha Capital’s asset management division saw a strong rise in income, as its funds continued to deliver attractive returns,” the investment firm said in a filing to the Abu Dhabi Securities Exchange (ADX).
Total income grew 17.6% year-on-year to AED 333 million in Q1-16. Total assets as at 31 March 2016 totalled AED 11.4 billion, an 18.9% increase from figures recorded in 31 December 2015.
Waha Capital said it produced a return on average equity of 4.5% in Q1-16, which is in line with a year earlier.
“The company made significant investments during the quarter, acquiring 3.88 million additional shares in New York Listed AerCap Holdings for AED 519.2 million and committing AED 147.1 million in the newly launched Waha Value Fund, which invests in MENA listed equities,” according to the bourse filing.
The Abu Dhabi-listed investment firm also received AED 81.9 million in distributions from the MENA Infrastructure Fund after the fund divested of two of its assets.
“Waha Capital has recorded significant revenue growth in the first quarter, with important contributions from across the business, and we are therefore confident of delivering attractive returns to our investors in the coming quarters. Our increasingly diversified business has allowed the company to deliver a strong performance against difficult global market conditions,” said Waha Capital chairman Hussain Jasim Al Nowais, in a comment on his company’s results.
He added that Waha will continue to focus on creating shareholder value and deliver a return on equity that is among the highest in the region.
“[Our] strong balance sheet means we are in an excellent position to capitalise on attractive new investment opportunities,” Al Nowais concluded.
