NEWS AND INSIGHTS

  • 1 Feb 2016

    Waha Capital reports net profit of AED 588 million in 2015

    ABU DHABI, 1 February 2016: Waha Capital PJSC, a leading investment company based in Abu Dhabi (ADX: WAHA), has reported a 2015 preliminary net profit of AED 588 million. Earnings were driven by key investments in the aircraft leasing and consumer finance sectors, as well as a strong performance from the company’s capital markets portfolios.

    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. Reported net profit in 2014, prior to adjustment, was AED 1,732.7 billion.

    Earnings per share were reported at AED 0.31 for 2015, compared to the adjusted figure of AED 0.26 achieved during the corresponding period in 2014, which represents an increase of 19 percent.

    The company’s fourth-quarter net profit totalled AED 121 million, down 15 percent from the net profit of AED 142.1 million in the same period in 2014.

    The preliminary results, which represented a return on average equity in 2015 of 14.3 percent, were announced following a Board meeting in Abu Dhabi chaired by His Excellency Hussain Jasim Al Nowais, Chairman of Waha Capital.

    Commenting on the results, His Excellency Al Nowais said: “2015 was another strong year for Waha Capital, with the portfolio of investments delivering an impressive performance, particularly given the tough global macro-economic and capital market environments. Our direct investments, especially those in the UAE, continued to register strong growth, while the capital markets portfolios both gave impressive returns amid volatile conditions. Waha Capital’s commitment to asset diversification, including in defensive sectors such as healthcare, and our strategy to increase the proportion of liquid assets on our balance sheet, should help the company continue to deliver above-market returns in the coming years.”

    Salem Rashid Al Noaimi, Chief Executive Officer and Managing Director of Waha Capital added: “The strong growth delivered by Waha Capital over the last three years has enhanced shareholder value and placed the company in a robust financial position. In order to maximise return on equity in the coming years, we have launched a nimble, fee-generating investment management business, where we will offer access to our expertise and investment opportunities to third party investors. Our strong business networks and experience of investing through multiple business cycles gives Waha Capital an edge as we look to deploy additional capital in high-potential sectors.”

    Waha Capital’s Principal Investments and Capital Markets divisions both performed well. On the Principal Investments side, Anglo Arabian Healthcare (AAH) Group expanded its footprint further in 2015 by making further acquisitions in specialty healthcare services, acquiring majority stakes in Health Bay Polyclinic and in Oras Medical Centre LLC. Dunia Finance, a UAE-based consumer finance company in which Waha Capital owns a 25 percent stake, continued on its strong growth trajectory, and has delivered an average 34 percent return on equity over the last three years.

    New York-listed AerCap Holdings, in which Waha Capital currently owns a 15.6 percent stake, purchased 46 new aircraft, signed lease agreements for 276 aircraft, and executed sale and part-out transactions for 83 aircraft in 2015. During the year, the company signed financing transactions for US$7.3 billion.

    National Petroleum Services (NPS), in which Waha Capital holds a 20.2 percent stake, witnessed a solid performance in 2015 despite the downturn in global energy markets. During the year the company secured contracts worth AED 150.6 million, taking total contracts-in-progress to AED 1,212.5 billion, as at 31 December 2015.

    On its part, the Capital Markets division once again delivered a strong performance, despite a difficult backdrop for emerging markets. Waha Capital’s MENA equity portfolio delivered a total return of 10.8 percent, far outperforming the negative 17.4 percent given by the S&P GCC Index. Waha Capital’s CEEMEA fixed income portfolio produced a total return of 9.8 percent.

  • 13 Jan 2016

    Waha Capital acquires US 76.8 million of shares in AerCap Holdings as part of open market programme

    Abu Dhabi, January 13, 2016 -- Waha Capital, a leading investment company based in Abu Dhabi, has acquired 2.04 million shares in New York-listed AerCap Holdings N.V. for a total of US$ 76.8 million, as part of an open market share purchase programme. Following this acquisition, Waha Capital’s stake in AerCap Holdings has increased from 13.6 percent to 14.6 percent.

    Waha Capital, which has been a major shareholder in AerCap Holdings since 2010, may purchase up to an additional 1.96 million shares in AerCap Holdings under the programme, subject to certain price and other conditions.

  • 12 Nov 2015

    Waha Capital reports net profit of AED 466.9 million in first nine months of 2015

    ABU DHABI, 12 November 2015: Waha Capital PJSC, a leading investment company based in Abu Dhabi (ADX: WAHA), has reported a net profit of AED 466.9 million for the first nine months of 2015. Earnings were driven by the performance of key portfolio investments AerCap Holdings, Dunia Group and the capital markets division.

    Net profit for the nine-month period was 31 percent higher than an adjusted net profit of AED 355.9 million achieved in the first nine months of 2014, after taking out net non-recurring items, primarily the one-off gain that the company recorded last year on its stake in AerCap Holdings. The nine-months net profit was also 102 percent higher than the net profit of AED 230.8 million that was recorded in the corresponding nine-month period of 2013.

    Waha Capital, which manages direct Principal Investments as well as global securities portfolios, recorded a third quarter net profit of AED 117.9 million.

    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 is performing very well against a difficult global macro-economic and markets backdrop. We are benefiting from an increasingly diversified portfolio, which includes investments in solid, well-managed companies. The company has a strong balance sheet and will invest further in some of the fastest growing sectors of the regional economy. We are confident that Waha Capital will continue to create substantial long-term shareholder value through this strategy.”

    Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital added: “We are in a strong financial position, which allows us to focus on growing and further diversifying our assets. Our investment teams are assessing new direct investment opportunities in energy, infrastructure, healthcare and education, and current market conditions mean that this is an opportune period to deploy capital in these areas. Waha Capital’s Capital Markets Division will also begin to market its public equities and credit funds to regional investors in the coming weeks, marking the launch of a new fee-generating business.”

    During the first nine months of 2015, Waha Capital continued to benefit from an increase in earnings per share at AerCap Holdings following the New York-listed company’s acquisition of International Lease Finance Corporation in May 2014.

    AerCap, in which Waha Capital owns a 13.6 percent stake, reported a net profit of $914.5 million for the first nine months of 2015, a 78.5 percent increase from a year earlier. Earnings per share increased 41.9 percent to $4.44 over that nine-month period. During that period, AerCap signed lease agreements for 216 aircraft and executed sale and part-out transactions for 55 aircraft.

    Meanwhile, Dunia Finance, in which Waha Capital owns a 25 percent stake, recorded net income of AED 165.9 million for the first nine months of 2015, a 25 percent year-on-year rise, as low interest rates continue to increase demand for consumer financing. The company now has a customer base of 199,000 and achieved 39.2 percent growth in its loan portfolio in the year to 30 September 2015. In that period, customer deposits have also witnessed strong growth, increasing by 52.9 percent year on year to AED 1.1 billion as at 30 September 2015.

    The Capital Markets Division of Waha Capital generated income of AED 167.4 million in the first nine months, and launched equities and fixed income funds that will be offered to third-party investors during the fourth quarter of this year. Despite volatility in global financial markets in recent months, the fixed income portfolio has generated a cumulative return of 58.4% since its inception in 2012 and a year-to-date return of 7.6%. The equity portfolio has generated a cumulative return of 44.3% since its inception in January 2014, and a year-to-date return of 9.8%.

Share Price

2/4/2016 2:00:00 PM
Last
2.05 AED
Change
 0.07  (3.54%)
High/Low
2.06/2.00
Volume
1,399,823

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.”