Abu Dhabi investment firm Waha Capital said on Sunday that its first-quarter net profit surged on the back of strong performances at its portfolio companies.

Waha Capital posted a quarterly net profit of Dh85.3 million ($23.2 million), compared with Dh15.9 million for the year-ago quarter.

Profits were driven by key portfolio companies, including New York-listed aircraft lessor AerCap Holdings, UAE-based consumer finance company Dunia Finance, and Waha's advisory business, it said.-Reuters