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Waha Capital's Q3 profit soars to $10m

Dubai, October 23, 2010

Abu Dhabi-listed Waha Capital's third-quarter net profit jumped to Dh37 million ($10.1 million), with the company citing improved revenues across its business as it plans to expand its maritime fleet.

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, had reported a net profit of 2 million in the same period last year, the company said in a statement.

Its nine-month net profit stood at 77 million dirhams, a 239 percent jump from the year-earlier period.

"The surge in net profit reflects our financial robustness despite a challenging global economic environment and the prudent yet dynamic investment strategy we have followed," said Salem Rashid al-Noaimi, Waha Capital's chief executive.

"Over the past few years, Waha Capital has followed a path of strategic diversification that has enhanced revenue streams and brought exceptional growth. This diversification has brought significant long-term value for our stakeholders," he said.

The Abu Dhabi government holds a 15-percent stake in Waha, according to Reuters data.

Waha Capital also aims to close a regional private equity deal in early 2011 in partnership with France's AXA Private Equity, a unit of insurer AXA the company said in Oct.

Waha Aerospace, a unit of Waha Capital, issued a 10-year $1.5 million bond in July to finance aircraft for the UAE Armed Forces and delivering two new Airbus A330-300 aircraft to Singapore Airlines on long-term leases.

The company also said in the statement its maritime investment subsidiary Waha Maritime would improve its fleet profile to expand beyond the Gulf Cooperation Council (GCC). - Reuters




Tags: abu dhabi | profit | Waha Capital | Third quarter |

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