Waha Capital Reports 38.1% Rise In Profit

Abu Dhabi’s Waha Capital has reported annual profit of Dhs214.4 million for 2012, up 38.1 per cent from Dhs155.3 million on the previous year.

The investment company also detailed fourth quarter profit of Dhs183.47 million, almost double the amount for the same period in 2012.

The firm put the increase down to its shares in aviation investee companies, including New York-listed Aercap and Dunia Finance.

Waha Capital’s stake in Aercap – an aircraft leasing firm – rose to 26.3 per cent from 21.3 per cent as a result of a decision not to participate in AerCap’s share buy-back initiative.

Speaking at a board meeting to announce the results, Hussain Jasim Al Nowais, chairman of Waha Capital, said: “This was a strong year for Waha Capital, especially given the difficult global trading environment. The company is now positioned well for growth in the coming years.

“We have taken important strategic decisions to structure the company with an aim to generate attractive and sustainable returns for our shareholders in the future, and have full confidence that the company will deliver the desired results.”

The company recorded an operating income of Dhs464.21 million in 2012, up 21.1 per cent from Dhs386.50 million in 2011.

Salem Rashid Al Noaimi, CEO and managing director of Waha Capital, said: “We have an excellent investment team in place and a strong pipeline of potential investments, where we believe we can add value and achieve attractive returns.

“Operationally, we will maintain a prudent approach to financial management, and continue to focus on increasing our efficiency in the way we manage our assets.”

The value of Waha Capital’s assets stood at Dhs4.44 billion as of December 31, 2012, compared with Dhs4.20 billion a year earlier.