Finance & Capital Market

Waha Capital H1 net profit up 31pc to $65m

Waha Capital PJSC, a leading investment company in Abu Dhabi, has reported net profit of Dh239.7 million ($65.2 million) for the first half (H1) of the year, marking a 31 per cent year on year (YoY) increase.

The strong H1 results were largely driven by Waha Capital’s successful exit of NPS Holdings in June 2018, a statement said, adding that the company’s balance sheet remains robust with a strong level of cash realization and consistent performance from both its private investments and asset management businesses.

Waha Capital’s total income stood at Dh618.7 million during the period, up 12.3 per cent YoY.

Meanwhile, the company’s net profit during the second quarter (Q2) of the year reached Dh132.4 million, up 38.5 per cent YoY while total income touched Dh306.5 million, reflecting a 7.7 per cent rise YoY.

Salem Rashid Al Noaimi, chairman of Waha Capital, said: “Waha Capital has produced another strong set of results and an attractive return on equity of 7.2 per cent in the first half of 2018. The company’s leadership team has built a very well balanced and diversified business, and both divisions – Private Investments and Asset Management – have delivered robust growth this year.”

“In recent years, we have increased the proportion of liquid assets in our investment portfolio and enhanced the company’s ability to generate healthy cash flows. Now, thanks to our strong balance sheet, Waha Capital is well positioned to make additional direct investments, focusing on sectors where we have built significant expertise.

“The company is also taking our attractive offering to third-party investors, both for direct co-investment opportunities and for our award-winning asset management business,” he added.

Michael Raynes, CEO of Waha Capital said: “This is another great set of results. We have shown strong profitability and return on equity, as well as robust cash flows. We have a good balance between our Private Investments and Asset Management businesses and good visibility on cash flows. To manage risk, we have increased liquidity across our investments. We now benefit from diversified exposure to listed securities, through our Asset Management funds and listed investments, including AerCap and NESR.” – TradeArabia News Service