Abu Dhabi – Mubasher: Waha Capital registered AED 318 million in net profit attributable to the shareholders during the first half (H1) of 2023, an annual leap of 221% from AED 99 million.
The company’s revenues hiked by 123% AED 500 million as of 30 June 2023 from AED 224 million in H1-22, according to the income statements.
During the second quarter (Q2) of 2023, the ADX-listed firm turned profitable at AED 170 million, versus net losses valued at AED 101 million in the year-ago period.
Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, indicated that the company “performed strongly in H1-23, generating a net profit of AED 318 million and a return on average equity of 12.60%.”
“Despite challenging macroeconomic conditions, the emerging markets funds managed by Waha Investment have delivered positive returns, further extending their multi-year track record of outperformance,” Al Muhairi continued.
He noted: “This has resulted in inflows of AED 2.10 billion in third-party capital, which has contributed significantly to the company’s fee income.”
Mohamed Hussain Al Nowais, Managing Director of Waha Capital, underlined: “We are attracting a high level of interest among regional institutional investors and family offices, which is translating into substantial capital commitments.”
“Assets under management now exceed $2 billion, with third-party assets accounting for 57% of this total,” Al Nowais said.
In Q1-23, Waha Capital posted 52% lower net profits attributable to the owners at AED 74.95 million, compared to AED 146.62 million in Q1-22.
