Abu Dhabi – Mubasher: UAE-based Waha Capital on Tuesday stated that its net profit soared 710.8% year-on-year during the fourth quarter of 2017.
Net profit surged to AED 158.1 million ($43.04 million) in Q4-17 up from AED 19.5 million ($5.31 million) in the same period a year earlier, according to a statement to the Abu Dhabi Securities Exchange (ADX).
Waha Capital’s annual profits levelled up 4.6% to AED 425.9 million in 2017, compared to AED 407.2 million by the end of 2016.
Waha Capital attributed the increase in its yearly profits to earnings resulted from selling transactions in 2017, in addition to trimming expenses.
The firm’s expenses decreased 10% in 2017, compared to the previous year.
Commenting on Waha Capital's results, chairman Hussain Jasim Al Nowais stated that his company succeeded in achieving "good financial results" despite the challenges in the global economy and capital markets in general, added to the regional geopolitical factors.
“The company's financial indicators reflect the success of its strategy to diversify assets, income resources and its investment portfolio, while the continued growth in net profits in general and operating profits in particular, reflect the company's growing ability to gain a bigger share of the investment market," the chairman highlighted.
Al Nowais added that Waha Capital would "continue its efforts to achieve rewarding returns for its shareholders by continuing to diversify its asset portfolio to include new sectors and investment areas.”
