Abu Dhabi – Mubasher: Waha Capital, listed on the Abu Dhabi Securities Exchange (ADX), has turned to losses in the first quarter of 2019, recording a net loss of AED 57.8 million, against a net profit of AED 107.351 million in Q1-18.
The company’s Private Investments business incurred a net loss of AED 165.7 million in Q1-19, mainly driven by an adjustment of AED 100 million followed by a reassessment of the value of AerCap Holding’s recoverable amount, Waha Capital said in a statement on Sunday.
Moreover, Waha Capital also suffered a loss on the disposal of 3 million shares in AerCap during the three-month period ended 31 March 2019, “as equity price collars on the shares matured and were settled,” the statement added.
The leading investment company has made an additional investment of AED 87.5 million in Dunia Finance as its income at its healthcare investment, Anglo Arabian Healthcare, increased in Q1-19.
Waleed Al Mokarrab Al Muhairi, chairman of Waha Capital, said: “Waha Capital is implementing a long-term strategic transformation to a highly liquid portfolio of diversified investments that deliver strong cash flows.”
“Our Principal Investments business is focusing on high-growth investments in our areas of expertise, such as financial services and energy. Although short-term market conditions have impacted some investments, notably AerCap, Waha Capital remains in a strong position to deliver sustainable growth and an attractive return on equity in the coming years,” Al Muhairi added.
The company’s total assets under management amounted to AED 2.7 billion in Q1-19, compared to AED 2.5 billion in Q4-18, the statement noted.
In 2018, the ADX-listed Waha Capital had reported a net profit of AED 145 million, while its total assets stood at AED 11.7 billion.
