Waha Capital, the diversified strategic investment firm based in Abu Dhabi, said its net profit for the nine-month period ended September 30, fell to Dh62.4 million ($17 million) from Dh76.7 million last year.

Announcing the results on Saturday, Waha Capital said despite difficult market conditions, Waha Capital recorded a net profit of Dh26.6 million for the third quarter compared to Dh37.3 million last year.

Waha said it saw a 7.5 per cent increase in its total assets which soared to Dh4.1billion at the end of this quarter from Dh3.8 billion at the end of December last year.

Waha Capital’s operating income for the nine-month period too fell to Dh227.3 million from last year's Dh331.5 million.

The Group’s operating expenses during the first nine months of 2011 were Dh93.9 million compared to Dh184.7 million in the corresponding period of the previous year.

Waha attributed the reduction in both operating income and expenses to the restructuring of the leasing business and consolidation of investments in the aviation sector in the last quarter.

The results were announced following a Waha Capital board meeting in Abu Dhabi under the chairmanship of Hussain Jassem Al Nowais.

Salem Rashid Al Noaimi, CEO of Waha Capital, said, “Our business model is well-planned and resilient, built on diversification and focused on long-term results.  Recording profitability in such a challenging environment is a testament to our sound strategy and to the success of our efforts to restructure and streamline the business.”

“Waha Capital will continue to seek growth and greater revenues through strategic diversification, and to bring about long-term value for our stakeholders,” he added.
-TradeArabia News Service