Waha Capital reports lower second quarter profit

15/08/2017 07:13 AST

Waha Capital, an Abu Dhabi-based investment company reported a second quarter net profit of Dh95.6 million compared to Dh130 million a year earlier.

The decrease was largely due to an adjustment of Dh66.6 million against the share of income from AerCap Holdings, following a conservative reassessment of the recoverable amount on the company's stake in AerCap, Waha said in a statement on Monday.

In the six-month period ended June 30, 2017, however, Waha Capital posted a net profit of Dh183.1 million compared to Dh305.8 million during the same period last year.

The total revenue in the second quarter of 2017, meanwhile, reached Dh314 million compared to Dh329.6 million during the same period last year.

Within the asset management division, Waha's first-half income from capital markets increased 10 per cent year on year to Dh176.7 million, representing 32 per cent of Waha Capital's total income for the period.

The Waha Mena Equity Fund produced a total return of 9.4 per cent during the first half of the year. The Waha Mena Value Fund, which invests in regional equities, has given a total return of 9.5 per cent in the first six months of the year, the company said.

"Waha Capital continues to produce attractive returns from its diversified portfolio, and this is coming through clearly in the operating and financial results at the level of our investments," Salem Rashid Al Nuaimi, Chief Executive Officer and Managing Director of Waha Capital, said in a statement.

"Our asset management division goes from strength to strength, with income from capital markets up nearly 10 per cent in the first half, compared to first half of 2016. It is important to note that our principal investments portfolio remains solid, with income only down because of an accounting treatment of our stake in AerCap, despite the company's strong financial and operational performance this year."

Gulfnews