News Column

Waha Capital net profit up 43% to AED306.4m

February 5, 2014

Arab News, Jeddah, Saudi Arabia

Feb. 05 -- Abu Dhabi -based investment company Waha Capital made a net profit in 2013 of AED306.4 million, up AED214.4 million in 2012, marking a year-on-year increase of 43 percent and the company's highest results since its establishment. The growth in net profit was driven by increased returns from Waha Capital's key direct investments, including New York -listed aircraft leasing company AerCap Holdings and UAE consumer finance company Dunia Finance, as well as the strong performance of the company's capital markets division, it explained in a statement emailed to Arab News . The value of Waha Capital's assets increased 18 percent as of Dec. 31, 2013 to reach AED5.24 billion, up from AED4.44 billion a year earlier. The preliminary results were announced following a board meeting in Abu Dhabi chaired by Hussain Jasim Al-Nowais , chairman of Waha Capital . " Waha Capital has achieved strong financial results in 2013 with record net income, thanks to the implementation of the sound investment strategy the company adopted a few years ago," said Al-Nowais. "We are well positioned to make further investment in attractive sectors across the region and to continue delivering solid returns for our shareholders and investment partners," said Salem Rashid Al-Noaimi , CEO and managing director of Waha Capital . Meanwhile, Dubai -based developer Deyaar Development posted significant growth in net profits of up to 300 percent, for the year ending Dec. 31, 2013 . The company achieved a consolidated net profit of AED154.5 million during the year, up from AED38.6 million registered in 2012. In addition, the company has increased its gross profit for 2013 to AED307.5 million, from AED199 million in 2012. ___ (c)2014 the Arab News (Jeddah, Saudi Arabia) Visit the Arab News (Jeddah, Saudi Arabia) at Distributed by MCT Information Services

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Arab News (Saudi Arabia)

Story Tools