Waha Capital, a leading Abu Dhabi-based investment company, said its board has recommended a cash dividend of 15 fils per share, equivalent to 15 per cent of its paid-up capital.

The dividend recommendation was made at a board meeting held yesterday (February 18). The final decision will be taken at the company's annual general meeting to be held on March 25.

Waha Capital delivered a strong operating and financial performance in 2017 reporting a net profit of Dh426 million ($116 million), up 4.6 per cent over the previous year.

The company continued to develop its asset management business, attracting investors to its funds, and launching a private debt business.

The principal investments and private equity businesses also carried out major deals, acquiring a stake in fintech firm Channel VAS, divesting a healthcare diagnostics company, and agreeing to sell Waha Capital’s stake in National Petroleum Services to Nasdaq-listed National Energy Services Reunited (NESR) in a cash-and-shares transaction.

Speaking at the meeting, chairman Hussain Jasim Al Nowais said: "Waha Capital continues to deliver a strong return on equity for its shareholders, and the company has also consistently provided a robust dividend distribution."

"In 2017, the company continued to build its asset management business, further diversified its principal investments portfolio with an investment in the fintech sector, and made two divestments that crystalized strong returns," remarked Al Nowais.

"Waha Capital is in a strong position to take advantage of attractive opportunities in all its areas of expertise, while ensuring deals meet our strict criteria on value and risk. At the corporate level, we will maintain our prudent financial management, with a focus on delivering value for our shareholders," he added.-TradeArabia News Service