Waha Capital, a leading Abu Dhabi-based investment company, said it has achieved a 21% increase in its net profit attributable to shareholders for the first half which rose to AED205 million ($56 million), while its net operating income grew 6% to AED529 million ($144 million).

 

Announcing the financial results for the six-month period ended June 30, 2024, Waha Capital said the growth was mainly driven by an increase in fee income, strong inflows of third-party capital into Waha Investment, and the robust performance of the Private Investments business.

 

The company is finalising the refinancing of its existing $500 million revolving credit facility, which will mature in mid-August 2024, as it prioritises prudent management of its balance sheet. 

 

This refinancing will ensure Waha Capital is well-positioned to invest in emerging growth opportunities over the coming years, it stated.

 

On the solid performance, Chairman Waleed Al Mokarrab Al Muhairi said: "Despite challenging global macroeconomic conditions, Waha Capital demonstrated robust financial performance in the first half, achieving a return on average equity of 13.1%."

 

"The Waha Investment business continued its strong track record by securing AED691 million in new third-party capital, highlighting institutional investors' confidence in our flagship funds," noted Al Muhairi.

 

The Private Investments division, he stated, has further strengthened the company's balance sheet through successful value realisation across various assets. 

 

In addition, Waha Land continued to be a cornerstone of the company's strategy, driving growth and providing a steady rental yield.

 

Mohamed Hussain Al Nowais, Managing Director of Waha Capital, stated that the company's first-half earnings demonstrate the strategic value and resilience of the diversified business model.

 

"Key drivers contributing to our gains included increasing third-party capital commitments in our flagship funds and substantial mark-to-market gains in our Private Investments business. This further validates our multi-faceted capital allocation strategy and rigorous approach to risk management," he added.-TradeArabia News Service