Waha Capital, a leading investment company based in Abu Dhabi, UAE has reported a 2015 preliminary net profit of Dh588 million ($160 million).

Earnings were driven by key investments in the aircraft leasing and consumer finance sectors, as well as a strong performance from the company’s capital markets portfolios, a statement said.

Net profit for 2015 was 18 per cent higher than the adjusted net profit of Dh498.1 million achieved a year earlier, after taking out net non-recurring items, primarily the one-off gain that the company recorded in 2014 on the company’s stake in AerCap Holdings. Reported net profit in 2014, prior to adjustment, was Dh1,732.7 billion.

Earnings per share were reported at Dh0.31 for 2015, compared to the adjusted figure of Dh0.26 achieved during the corresponding period in 2014, which represents an increase of 19 per cent.

The company’s fourth-quarter net profit totalled Dh121 million, down 15 per cent from the net profit of Dh142.1 million in the same period in 2014.  

Hussain Jasim Al Nowais, chairman of Waha Capital, said: “2015 was another strong year for Waha Capital, with the portfolio of investments delivering an impressive performance, particularly given the tough global macro-economic and capital market environments.

“Our direct investments, especially those in the UAE, continued to register strong growth, while the capital markets portfolios both gave impressive returns amid volatile conditions. Waha Capital’s commitment to asset diversification, including in defensive sectors such as healthcare, and our strategy to increase the proportion of liquid assets on our balance sheet, should help the company continue to deliver above-market returns in the coming years.”  

Salem Rashid Al Noaimi, chief executive officer and managing director of Waha Capital said: “The strong growth delivered by Waha Capital over the last three years has enhanced shareholder value and placed the company in a robust financial position. In order to maximise return on equity in the coming years, we have launched a nimble, fee-generating investment management business, where we will offer access to our expertise and investment opportunities to third party investors. Our strong business networks and experience of investing through multiple business cycles gives Waha Capital an edge as we look to deploy additional capital in high-potential sectors.” – TradeArabia News Service