Waha Capital PJSC, a leading investment company based in Abu Dhabi (ADX: WAHA), has reported a preliminary net profit of AED 1.138 billion for the second quarter of 2014, up from AED 38.4 million recorded in the corresponding period a year earlier.
The record quarterly net profit for the company — the first time quarterly net profit has exceeded the AED 1 billion mark — was largely due to the unlocking of part of the value in Waha Capital ‘s stake in AerCap Holdings NV following the New York-listed company’s acquisition of International Lease Finance Corporation (ILFC), a transaction that closed in May this year.
Waha Capital booked a one-off gain related to the transaction, and recorded a higher earnings contribution from AerCap, because of the increase in scale, valuation and earnings per share at the aircraft leasing company. Other Waha Capital portfolio companies also displayed steady performances, with Anglo Arabian Healthcare and Dunia Finance, continuing their promising business development.
Half-year net profit reached AED 1.289 billion, representing a 9-fold year-on-year increase.
Commenting on the results, Hussain Jasim Al Nowais, Chairman of Waha Capital , said, “These exceptional results are a testament to Waha Capital ‘s strong financial position and sound investment process. The company is in an excellent position to take advantage of attractive investment opportunities in high potential sectors in the local and regional economy.” Al Nowais added: “We will continue to focus on maintaining a healthy pace of growth in our core activities. I am confident that Waha Capital has the right level of expertise and the financial capacity to continue to maximize shareholder value.” The value of Waha Capital ‘s assets increased 24% to AED 6.5 billion as of the end of the second quarter, up from AED 5.2 billion as at December 31 2013, with total shareholder equity increasing to AED 3.7 billion from AED 2.5 billion during the same period.
Source : WAM News Agency for United Arab Emirates
