Waha Capital, a leading investment company based in Abu Dhabi, UAE has reported a net profit of Dh305.9 million ($83.2 million) for the first half (H1) of 2016, marking a decrease of 12.4 per cent compared to net profits of H1 2015.

The company delivered a return on average equity of 7.4 per cent for the first six months of 2016.

Earnings were driven by solid performance across the business and, in particular, by key investments in Waha Capital’s Principal Investments division and a robust performance from the company’s capital markets portfolio.

The company’s asset management division experienced a rise in income, as its funds continue to deliver attractive returns, while its principal investment portfolio companies, such as Dunia Group and National Petroleum Services (NPS), also performed well.

One of Waha Capital’s major investments, AerCap Holdings NV, the world’s largest aircraft leasing company, has delivered strong earnings in the first half of the year. Operating performance remained robust, but the company reported a slight decrease in earnings per share (EPS) from a year earlier, mainly due to lower income from aircraft disposals and maintenance reserve adjustments.

Hussain Jasim Al Nowais, chairman of Waha Capital said: “Waha Capital is a highly profitable company that is becoming increasingly diversified due to the successful launch of our asset management business.”

“Our principal investments also continue to perform well, even against the backdrop of an uncertain global economic environment. The management team is fully focused on delivering above-market returns on equity, while prudently managing risk. Waha Capital’s strong balance sheet gives us confidence that we can take advantage of attractive investment opportunities that will add to shareholder value in the coming years,” he added.

Salem Rashid Al Noaimi, CEO and managing director of Waha Capital said: “Our financial results year to date, particularly from our asset management business, are extremely encouraging for the future growth of Waha Capital.”

“The company is now offering our investment expertise to third-party investors and our funds have continued to outperform their benchmarks, having established an excellent track-record over the last three years. We see this business as central to our future growth strategy. With a strong balance sheet in place, Waha Capital remains well positioned to deliver steady and sustained growth during the years ahead,” he added. – TradeArabia News Service