Waha Capital’s H1 net profit drops 12.4% to Dh305.9 million

Waha Capital has reported a net profit of Dh305.9 million for the first half of 2016, registering a decline of 12.4 per cent.

Earnings were mainly driven by the company’s Principal Investments division and growth in capital markets portfolio.

The company’s asset management division experienced a rise in income, as its funds continue to deliver attractive returns, while its principal investment portfolio companies, such as Dunia Group and National Petroleum Services, NPS, also performed well.

One of Waha Capital’s major investments, AerCap Holdings NV, the world’s largest aircraft leasing company, has delivered strong earnings in the first half of the year. Operating performance remained robust, but the company reported a slight decrease in earnings per share (EPS) from a year earlier, mainly due to lower income from aircraft disposals and maintenance reserve adjustments.

The company delivered a return on average equity of 7.4 per cent for the first six months of 2016.

Hussain Jasim Al Nowais, Chairman of Waha Capital, said: “Waha Capital is becoming increasingly diversified due to the successful launch of our asset management business. Our principal investments also continue to perform well, even against the backdrop of an uncertain global economic environment.”

Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital, added, “Our financial results year to date, particularly from our asset management business, are extremely encouraging for the future growth of Waha Capital. The company is now offering our investment expertise to third-party investors and our funds have continued to outperform their benchmarks, having established an excellent track-record over the last three years. We see this business as central to our future growth strategy. With a strong balance sheet in place, Waha Capital remains well positioned to deliver steady and sustained growth during the years ahead.”

 

Source:: Emirates 247

Waha Capital’s H1 net profit drops 12.4% to Dh305.9 million

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