Waha Capital net profit surges 15pc

Abu Dhabi, January 25, 2011

Abu Dhabi-listed Waha Capital posted a 15 per cent rise in 2010 profit on restructuring and consolidation of operations that drove higher improved revenues, triggering a 2.5 per cent rise in its shares.

The net profit reached Dh249 million ($67.8 million), compared with Dh217 million in 2009. Its fourth-quarter net profit was Dh172 million compared with Dh194.1 million in the same period a year earlier, according to Reuters data.

Shares of Waha rose 3.8 per cent at 0640 GMT on the Abu Dhabi exchange.

Waha, which is involved in real estate and leasing for the oil and aviation sectors including deals for military planes for the UAE Armed Forces, said profit was driven by the restructuring of the company's leasing business.

In October last year, Waha agreed to acquire a 20 per cent stake in AerCap Holdings NV in a transaction valued at $380 million, making it one of the biggest shareholders in the Dutch aircraft leasing firm.

It sold its 50 per cent stake in the two companies' joint venture AerVenture, and 40 per cent of its leasing portfolio. The Abu Dhabi government holds a 15-percent stake in Waha, according to Reuters data.

Waha also boosted income from its maritime business through growing its fleet support vessels, the company said.

Earlier this month, Abu Dhabi Islamic Bank arranged a $32 million Ijara facility for Waha Offshore Marime Services to acquire upto six offshore supply vessels (OSV).-Reuters

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