Search DubaiPRNetwork.com

Home >> Banking & Investments

Third Quarter Revenues Propel Waha Capital into Profit

Third Quarter Revenues Propel Waha Capital into Profit

Thursday, November 12, 2020/ Editor -  

Share

Home >> Banking & Investments
• Net profit (attributable to owners of the company) of AED 86 million in 3Q20, against net loss of AED 205 million in 3Q19
• Third quarter performance moves Public Markets division’s flagship funds into positive returns for the year
• Private Investment division contributes improved revenues across its portfolio
 
ABU DHABI, 12 November 2020 – Waha Capital PJSC, a leading investment management company in Abu Dhabi (ADX: WAHA), has announced its financial results for the third quarter of 2020.
The company’s Public Markets division continued to outperform its peer group, leading the company back into overall profit. Its Waha MENA Equity Fund contributed strong returns for Waha Capital and third-party investors, and the Waha CEEMEA Credit Fund showed significant percentage improvements in performance.  At the same time Waha Capital launched the Waha Islamic Income Fund SP in July to cater to a growing demand from investors for Sharia compliant instruments.
Ahmed Khalifa Al Mehairi, who was appointed Chief Executive Officer in October, brings extensive experience in asset management and will set the investment strategy to maintain the momentum of the company’s strong growth trajectory attained in its record-breaking second quarter through to the year end and into 2021.  
Waha Capital’s objective remains to progress and improve the asset base of the business, diversifying its investments and taking an active role in value creation for its portfolio companies in the energy, healthcare, real estate and financial services sectors.
H.E. Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said: “Waha Capital has made good progress on delivering its restructured business strategy implemented at the end of 2019. Both primary business divisions have demonstrated commendable resilience given the continuing challenging market conditions, and to an extent have recovered some of the ground lost at the beginning of the pandemic.”
Ahmed Khalifa Al Mehairi, Chief Executive Officer of Waha Capital added: “Our performance in the past quarter highlights the quality of our investment approach.  We have the means and the appetite to grow both sides of our business and it is clear from our investors given the 43% rise in our share price in this past quarter that we are seen as a growth play. While we have exercised constraint in managing our expenses both in capex and staff recruitment terms, we have a number of new initiatives in the pipeline including a further high yield investment fund soon to be launched and regional Private Investment deals that will help to not only  consolidate but also boost the growth that we are now witnessing.”
 
 
Key financial highlights for Q3 2020
 
• Total income of AED 282 million, significant increase over Q3 2019 income (AED 5 million)
• Total impairments of AED 17 million compared to AED 117 million
• Income contribution of AED 72 million by Private Investments (vs Q3 2019 loss of AED 151 million)
• Diligent management of costs reduced general and administrative expenses by 21%
• Net 3Q profit (attributable to owners of the company) of AED 86 million compared to a net loss of AED 205 million in Q3 2019.
• Net profit for first 9 months AED 59 million, compared to AED 387 million loss in 2019
 
With assets of AED 8.8 billion as of 30 September 2020, Waha Capital aims to optimize and expand its investment portfolio, taking advantage of attractive pricing for opportunities in high-growth sectors internationally.  In August Waha Capital took a strategic stake worth AED 184 million in Despegar.com, a leading NYSE-listed company in the online travel sector operating in Latin America.  Waha Capital’s investment programme of up to US120 million into US equities revealed in August is also likely to be ongoing to the end of the year with a number of additional options currently being assessed.
 
The company’s flagship funds have consistently outperformed the market. The Waha CEEMEA Credit Fund produced a total return of 13.5% in the first nine months of 2020, bringing total cumulative return since inception in 2012 to approximately 216%. In the same period, the Waha MENA Equity Fund delivered a total return of 6.0% and has provided a total return of over 192% since inception in 2014.
Within the Private Investments portfolio Waha Land reached over 90% occupancy of its industrial real estate assets and AAH surpassed its full year financial results of 2019 by the end of the third quarter by expanding the capabilities of its healthcare facilities and increasing levels of patient care. The company’s other investments across finance and energy performed well, contributing strong year on year growth and increasing pipelines of activity into 2021.

Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

Al-Futtaim's Trading Enterprises Elevates Family Journey Experience with the UAE ...

Middle East Hotels Ready to Capitalise on Workation Trend, says ATM

EWINGS Donates AED 100,000 and Signs Agreement with Friends of Cancer Patients

A New Wave of Coffee has Arrived at AlBarari

Herbal Essences Taps into Nature's most Powerful Ingredients with the new Potent ...

Jalabiyas – Epitome of Grandeur, Grace and Elegance

Sony Middle East & Africa Launches Newest Addition to G Master™ Full-Frame Lens ...

Hyundai Motor Group Advances Hydrogen Strategy with New Fuel Cell System Plant i ...

DGJG's DSF Campaign Continues to Shine; the Biggest Raffle Becomes Rewarding for ...

Fifth Edition of Xposure brings the World's Best Visual Storytelling to Sharjah ...

Al Ain Municipality Collaborates with MBRSC to Analyse Palm Tree Cover using Art ...

Dubai Shopping Festival's Highest Value Raffle Ever In Partnership With Idealz a ...

Ogilvy Names James Kinney as Global Chief Diversity, Equity & Inclusion Officer ...

UAE's Shamsa Salim Romps through Dubai Safari Park in Stage 1 of Dubai Women's R ...

'T10 is a perfect advert to bring new audiences to cricket,' says Shoaib Malik a ...

Chinese Luxury Car Brand HONGQI Rolls Out Online Marathon in UAE'

The Icons, The Leather

Wizz Air Abu Dhabi Takes to the Skies for the First Time

Experience a weirdly wonderful world: Visiting Ripley's Believe It or Not!® muse ...

Young Emiratis Keep Sport of Falconry Soar High