News Column

Waha Capital posts Dh152m in Q1 net profit

May 13, 2014

Staff Report

Abu Dhabi: Waha Capital, an Abu Dhabi-based investment company, reported on Tuesday a net profit of Dh152 million for the first quarter of 2014, marking a 78 per cent increase on Q1 2013's Dh85 million.

In a statement, the company attributed the growth in net profit to income generated from its portfolio of diversified investments. The increase in net profit was further supported by the proceeds from the sale of the company's stake in AerLift during the first quarter.

Waha Capital also reported an increase in its assets by four per cent to reach Dh5.45 billion — up from Dh5.24 billion as of December 31, 2013. Total shareholder equity increased to Dh2.5 billion in the first quarter of 2014, from Dh2.4 billion a year earlier.

"In only three months, the company has recorded the equivalent of half of last year's full-year net profit. We are confident that the successful implementation of our diversified strategy will position the company as a key player in the global market," Hussain Jasim Al Nowais, chairman of Waha Capital, said in a statement.

The company did not disclose further information about its profits.

In April, Waha Capital announced that it had sold its 60.7 per cent stake in AerLift Leasing, which owns a portfolio of 11 commercial aircraft operated by various international airlines. The sale was agreed for a total consideration of Dh307 million.

Dunia Finance, a UAE-based consumer finance company in which Waha owns a 25 per cent stake, continued to produce robust returns in Q1 2014, with net profits up 55 per cent to Dh41 million.

Stanford Marine Group, which operates offshore supply vessels and in which Waha holds a 49 per cent stake, maintained stable profits in the quarter with its fleet of 39 vessels achieving an average utilisation rate of 93 per cent.

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Source: Gulf News (United Arab Emirates)

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