NEWS AND INSIGHTS

  • 3 May 2016

    Waha Capital records Q1 2016 net profit of AED 175.8 million

    ABU DHABI, 2 May 2016: Waha Capital PJSC, a leading investment company based in Abu Dhabi (ADX: WAHA), has reported a net profit of AED 175.8 million for the first quarter of 2016. Portfolio companies AerCap and Dunia Finance performed steadily and consistently, and Waha Capital’s asset management division saw a strong rise in income, as its funds continued to deliver attractive returns.

    Waha Capital reported a 17.6 percent year-on-year rise in total income to AED 333 million in the first three months of the year, while net profit was 3.5 percent lower.

    Waha Capital produced a return on average equity of 4.5 percent in the first quarter, in line with a year earlier.

    As of March 31, 2016, the company’s assets totaled AED 11.4 billion, an increase of 18.9 percent from the end of 2015.

    The company made significant investments during the quarter, acquiring 3.88 million additional shares in New York Listed AerCap Holdings for AED 519.2 million and committing AED 147.1 million in the newly launched Waha Value Fund, which invests in MENA listed equities. The company also received AED 81.9 million in distributions from MENA Infrastructure Fund, following the fund’s divestment of two of its assets.

    Commenting on the results, announced following a board meeting in Abu Dhabi, His Excellency Hussain Jasim Al Nowais, Chairman of Waha Capital said:

    “Waha Capital has recorded significant revenue growth in the first quarter, with important contributions from across the business, and we are therefore confident of delivering attractive returns to our investors in the coming quarters. Our increasingly diversified business has allowed the company to deliver a strong performance against difficult global market conditions. The company continues to focus on the creation of shareholder value, and is delivering a return on equity that is among the highest in the region now. Furthermore, Waha Capital’s strong balance sheet means we are in an excellent position to capitalise on attractive new investment opportunities.”

    Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital added:

    “Waha Capital is growing rapidly, and we have made significant investments to establish our asset management business, and to deploy capital in our funds – because we believe in the opportunity, and because we want to align our interests with our investment partners. The performance of our capital markets funds has been outstanding in the last quarter and over the last four years, and we are now offering third-party investors access to our investment team’s expertise.”

    Within the asset management division, income from capital markets investments increased 31 percent to AED 98.8 million, with the Waha CEMEEA Fixed Income Fund producing a total return of 5.7 percent in the first quarter, and the Waha MENA Equity Fund giving a total return of 4.3 percent.

    The asset management division’s capital markets investments accounted for 30 percent of Waha Capital’s total income in the first quarter, while the division’s private equity arm accounted for 24 percent.

    The asset management business is currently offering two capital markets funds, investing in credit in the Central and Eastern Europe, Middle East and Africa (CEEMEA) region, and listed equities in the Middle East and North Africa (MENA) region. Waha Capital also plans to launch a private equity fund, injecting UAE healthcare provider Anglo Arabian Healthcare into the fund as its first investment.

    Waha Capital’s principal investments accounted for 46 percent of total income in the first quarter. Among its portfolio companies, UAE-based consumer finance firm Dunia Group continued its strong growth, with total assets up 29 percent in the year to March 31, 2016, and deposits up 43 percent. Meanwhile, oilfield services firm National Petroleum Services saw both revenue and net profit increase by 9 percent, with the company securing contracts worth AED 939.9 million in the first quarter, taking current contracts in progress to AED 1,936.1 million.

    Following recent share purchases, Waha Capital now holds a 15.8 percent stake in Aercap, up from 12.6 percent a year ago. The world’s largest aircraft leasing firm continued on its trajectory of solid business development, signing lease agreements for 100 aircraft in the first quarter, purchased six aircraft, and executed the sale and part-out transactions for 25 aircraft.

  • 24 Mar 2016

    Waha Capital AGM approves cash dividend of 20 percent

    Abu Dhabi, 24 March 2016 – Shareholders of Waha Capital PJSC (ADX: WAHA), a leading investment company based in Abu Dhabi, approved a cash dividend of 20 percent for eligible shares at the company’s Annual General Meeting held on Wednesday and chaired by H.E. Hussain Jasim Al Nowais, the company’s Chairman.

    Addressing shareholders, Al Nowais said: “Waha Capital delivered impressive results in 2015, thanks to an increasingly diversified portfolio of investments, which performed well despite the challenging global markets backdrop. The company’s financial strength, and in particular our very healthy cash position, has allowed the company to allocate a dividend of AED 0.20 per share, which is highly competitive in the current environment. The company remains focused on building shareholder value, by investing prudently in high potential areas of the regional economy”.

    Waha Capital reported a 2015 net profit of AED 588 million, driven by key investments in the aircraft leasing and consumer finance sectors, as well as a strong performance by the company’s capital markets portfolios. This represented a return on equity of 14.3 percent, which is one of the highest figures achieved for 2015 by a publicly listed company in the region.

    Waha Capital is focused on continuing to drive growth in the business and is committing additional capital to expand its principal investments. The company has also launched an asset management platform, which is offering investors access to high potential regional capital markets and private equity opportunities and is also investing significant seed capital in these new funds.

    During the Annual General Meeting, shareholders approved amending the Company’s Articles of Association to comply with the new Commercial Companies Law, subject to obtaining regulatory approval.

    Al Nowais concluded the meeting by thanking the leadership of Abu Dhabi, represented by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE and His Highness General Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, for their unstinting support to all national companies.

    He also thanked the company’s shareholders, partners, clients, Board members, management team and staff for their continuing commitment and contribution to the group's success.

  • 28 Feb 2016

    Waha Capital recommends cash dividend of 20 percent

    Abu Dhabi, 28 February 2016 – The Board of Directors of Waha Capital PJSC (ADX: WAHA), a leading Abu Dhabi investment company, has recommended distribution of a cash dividend of 20 fils per share, equivalent to 20 percent of its paid-up capital, for eligible shares.

    H.E Hussain Jasim Al Nowais, Chairman of Waha Capital, said: “Thanks to our increasingly diversified portfolio of investments, Waha Capital produced a strong performance in 2015 despite challenging market conditions, and we believe the proposed dividend reflects this. We remain fully focused on maximizing shareholder value. Our robust balance sheet, and in particular our healthy cash position will allow Waha Capital to deepen and broaden our investments in high potential areas of the regional economy.”

    The recommendation was made at a Board meeting held on Thursday 25th February, which also approved the company’s 2015 audited financial statements, corporate governance report for 2015, and the company’s proposed new Articles of Association to comply with the new Companies Law. The company’s annual general meeting (AGM), which will be held on 23 March 2016 at 4 pm (subject to regulatory approval), will consider and vote on the company’s financial statements, proposed dividend, proposed Board fees, appointment of the company’s auditors, and approval of the new Articles of Association.

    Waha Capital reported a 2015 net profit of AED 588 million, driven by key investments in the aircraft leasing and consumer finance sectors, as well as a strong performance by the company’s capital markets portfolios. This represented a return on equity of 14.3 percent, which is one of the highest figures achieved for 2015 by a publicly listed company in the region.

    Net profit for 2015 was 18 percent higher than the adjusted net profit of AED 498.1 million achieved a year earlier, after taking out net non-recurring items, primarily the one-off gain that the company recorded in 2014 on the company’s stake in AerCap Holdings.

    Waha Capital is focused on continuing to drive growth in the business and is committing additional capital to expand its principal investments. The company has also launched an asset management platform, which is offering investors access to high potential regional capital markets and private equity opportunities. Waha Capital is investing significant seed capital in these new funds to take advantage of these investment opportunities, and to align interests with third-party investors.

Share Price

5/30/2016 2:00:00 PM
Last
2.00 AED
Change
 0.02  (1.01%)
High/Low
2.01/1.97
Volume
947,656

VIDEOS

Waha Capital CEO & MD Salem Al Noaimi Interview with Prospect Group

 

  • Waha Capital CEO & MD Salem Al Noaimi announces New Healthcare Investment

    “Waha Capital today announced a new investment in the healthcare sector through its acquisition of Anglo Arabian Healthcare (AAH), a healthcare group with investments focused on the Northern Emirates and Abu Dhabi. One of the objectives of this investment is to diversify Waha Capital’s sources of income, in line with our business strategy which we formulated 4-5 years ago. We have thankfully succeeded in implementing this strategy, and this investment complements it.

    Entering the Healthcare sector is very important to Waha Capital as it holds high growth potential and is a government priority for the UAE. We will look to increase our investments within this sector in the next three to five years, and plan to make this sector a greater contributor to Waha Capital’s revenues.”