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Waha Capital 9-month profit down 17pc

ABU DHABI, November 10, 2016

Waha Capital, a leading investment company based in Abu Dhabi, has reported a net profit of Dh388 million ($105.64 million) for the first nine months of 2016.

Waha Capital’s nine-month net profit was 17 percent lower than the corresponding period of 2015, while third-quarter net profit totalled Dh81.8 million, 30.6 percent lower than a year earlier.

The company’s capital markets division produced a strong increase in income, with its credit and equities funds continuing to outperform. However, this was offset by lower income from some assets in the principal investments division.
 
Hussain Jasim Al Nowais, chairman of Waha Capital, said: “Waha Capital continues to be a highly profitable business, and our move into capital markets has produced strong returns, and diversified our assets and revenue streams. Meanwhile, our principal investments team remains focused on creating shareholder value across the portfolio. It is important to highlight that the company delivered a return on average of equity of 9.7 percent in the first nine months of the year which is an impressive figure especially given the current economic environment. We are confident that the company has the expertise, financial strength and the strategy to continue delivering a very solid return on equity, and to take advantage of attractive investment opportunities.”    

Salem Rashid Al Noaimi, CEO and managing director of Waha Capital, added: “Our financial results this year demonstrate the value of our strategy of asset and revenue diversification, given that some of our direct investments are in cyclical sectors.  In recent years, we have added capital markets investments to our asset mix, and these have grown quickly to account for a quarter of Waha Capital’s income. Our funds have an excellent track record of outperformance, and we are making good progress in offering our investment expertise to third-party investors. With a strong balance sheet in place, Waha Capital is focused on delivering steady and sustained growth in the coming years.”   

Total income generated by the capital markets division increased 33.3 percent to Dh223.4 million in the first nine months of 2016.  – TradeArabia News Service

 




Tags: abu dhabi | investment | Waha Capital |

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