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ABU DHABI / WAM
Waha Capital, a leading investment company based in Abu Dhabi, has reported a net profit of AED87.6 million for the first quarter of 2017.
The company’s asset management division, which manages capital markets, and private equity and private debt investments, continued to deliver strong returns and now accounts for just over two thirds of total income. The majority of portfolio companies held by the principal investments division, including AerCap Holdings NV and NPS Holdings, gave solid financial and operational performances.
Net profit for the quarter was reduced from the AED175.8 million in the first quarter of 2016, partly due to an adjustment of AED58.8 million against the share of income from AerCap Holdings NV, following a conservative reassessment of the recoverable amount on the company’s stake in AerCap.
Waha Capital produced a return on average equity of 2.4 percent in the first quarter, while total assets increased 4.9 percent year on year to AED10.5 billion as at the end of March 2017. During the first quarter, Waha Capital’s shareholders approved a 2016 dividend of AED0.20 per share, representing 90 percent of last year’s net profit.