NEWS AND INSIGHTS

  • 6 Apr 2014

    Waha Capital Disposes of Stake in AerLift

    Abu Dhabi, 6 April 2014: Waha Capital PJSC, a leading Abu Dhabi-listed investment company, announced today that it has sold its stake in AerLift Leasing to a newly-established U.S.-based aircraft leasing platform.

    AerLift Leasing was established in 2010, with Waha Capital owning a 60.7% shareholding. The company owns a portfolio of 11 commercial aircraft operated by a number of international airlines. Goldman Sachs served as advisors to Waha Capital on this deal.

    Commenting on the transaction, Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital said: “The disposal of our stake in Aerlift demonstrates the rapidly accelerating implementation of our strategy to focus on our core assets and become a leading regional investment management company. We have crystallised a good return to our shareholders through this sale, which adds to the capital base we are building to make future investments in areas of strong growth potential.”
  • 23 Mar 2014

    Waha Capital AGM approves dividends of 12.5 percent

    Abu Dhabi, 23 March 2014 – Shareholders of Waha Capital PJSC (ADX: WAHA), a leading investment company based in Abu Dhabi, approved a cash dividend of AED 0.10 per share and bonus shares of 2.5 percent at the company’s Annual General Meeting on 20 March 2014, representing a yield of 12.5 percent on the par value of the company’s shares.

     

    • Dividend represents yield of approximately 4.7% on 19 March closing share price of AED 2.65
    • Waha Capital achieved a record net profit of AED 306.4 million in 2013, an increase of 43 percent

     

    The meeting was chaired by H.E. Hussain Jasim Al Nowais, Chairman of Waha Capital, and attended by shareholders, Board members, and the company's executive management. 

    Addressing shareholders, Al Nowais said Waha Capital had performed well in 2013, recording a 43 percent rise in net profit to AED 306.4 million. The value of Waha Capital’s assets increased 18 percent as of 31 December 2013 to reach AED 5.24 billion, up from AED 4.44 billion a year earlier. Shareholder equity increased by 8.4 percent in 2013 to reach AED 2.5 3 billion.

    He added that the net profit achieved in 2013 did not include gains from AerCap’s proposed acquisition of International Lease Finance Corporation (ILFC) from American International Group (AIG), which is expected to close in the second quarter of the current year. The acquisition would make Aercap the leading global franchise in the aircraft leasing industry.  Waha Capital currently owns 26.3 percent of AerCap, and although its shareholding will be diluted to approximately 14 percent once that acquisition closes, the company expects to gain immediate shareholder value through the dramatic increase of scale and earnings at Aercap.   

    Commenting on the Aercap-ILFC transaction, Al Nowais said: “We have been a long-term partner of AerCap and as a key investor we are supportive of this transaction which we expect to be value-enhancing for AerCap's existing shareholders and indirectly for our own shareholders. The transaction further enhances AerCap’s strong growth prospects over the coming years.”

    In June of 2013, Waha Capital made its first investment in the healthcare sector through the acquisition of Anglo Arabian Healthcare Group (AAH). “Waha Capital is focused on delivering shareholder value by investing in high potential areas of the regional economy. The Anglo Arabian Healthcare transaction was a very positive step, and we intend to build the company into a major healthcare provider, adding significant value. The company is building an excellent investment track record, and continues to explore other avenues of investment, supporting the healthy growth and diversification of the UAE economy”, said Al Nowais.

    Other investments, including Dunia Finance, MENA Infrastructure Fund and Stanford Marine Group, also continued to perform well in 2013. By the end of 2013 ALMARKAZ, the principal asset managed by Waha Land which is a wholly owned subsidiary of Waha Capital, had 60% of its first phase of light industrial warehousing leased, with significant further interest still being received. The company’s Capital Markets division, which invests in global securities, also contributed significantly to the company’s profits in 2013.

    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 continuous support to all national companies.

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

  • 11 Nov 2013

    Waha Capital records nine-month net profit of AED 231 million

    Record third-quarter net profit of AED 107million
    - Third-quarter net profit increases by 289 percent
    - Rise in share of profit from investee companies and operating income
    - Performance reflects growth across company’s business divisions

    ABU DHABI, 11 November 2013: Waha Capital PJSC, a leading investment company based in Abu Dhabi (ADX: WAHA), reported a net profit of AED 230.8 million for the first nine months of 2013, compared to AED 31.0 million recorded a year earlier.

    For the third quarter, the company recorded a net profit of AED 107.1 million, an increase of 289 percent on the same period of 2012. 

    The growth in net profit was driven by strong performances in key direct investments, including New York-listed aircraft leasing company AerCap and UAE consumer finance company Dunia Finance.  

    Income from equity-accounted investees in the third quarter increased to AED 84.9 million up from AED 49.5 million in the corresponding quarter a year earlier.  

    H.E. Hussain Jasim Al Nowais, Chairman of Waha Capital, said: “We remain focused on further increasing long-term shareholder value, through a concentrated strategy of investing directly in high potential sectors in the regional economies, while also developing a portfolio of liquid assets”.

    Commenting on the company’s performance and strategy, Salem Rashid Al Noaimi, CEO and Managing Director, said: “Our portfolio companies, and especially AerCap, are delivering excellent returns, justifying our long-standing faith in our investments. Thanks to this solid platform, Waha Capital is now in a strong position to make further investments such as our recent acquisition of Anglo Arabian Healthcare, as well as deploying additional capital in investee companies.”

    He added, “Waha Capital has also been developing its capital markets business to invest in a balanced portfolio of securities, in order to enhance liquidity and diversification in our investment mix.” 

     “Waha Capital’s new strategy is to invest directly in high potential sectors of the regional economy, with a preference for acquiring majority stakes in companies where value can be added.  The company also plans to increase exposure to capital markets to enhance liquidity in its portfolio.” 

    Waha Capital is now structured to manage a diversified portfolio of investments through its business units: principal investments, capital markets, infrastructure and industrial real estate.  The company will consider taking on co-investment partners, evolving into a fee generating business by offering its expertise, networks and local knowledge to investors looking to capitalize on the rapid growth in the region.  
    To project its new corporate strategy, Waha Capital recently refreshed its brand to reflect the company’s dynamic and professional approach.
    Earlier this year, Waha Capital made its first investment in the healthcare sector by acquiring Anglo Arabian Healthcare (AAH), a new healthcare group established to own and operate hospitals, clinics, pharmacies and diagnostic centres across the United Arab Emirates.  This investment broadens Waha Capital's asset mix, marking its entry into an area that holds high growth potential and is a priority for the UAE.

    Other key portfolio companies have seen positive developments to date this year:  

    AerCap continues to position itself for long-term growth, particularly in emerging markets, and to make significant enhancements to the quality of its fleet. For example, AerCap has signed this year new lease agreements for 10 aircraft. The average term of lease agreements contracted during the past 12 months was 165 months for new aircraft and 57 months for used aircraft.

    As of September 30, 2013, AerCap's portfolio consisted of 371 aircraft that were either owned, managed, or under contract to purchase. The average age of the owned fleet as of September 30, 2013 was 5.4 years and the average remaining contracted lease term was 6.7 years.

    Meanwhile, Stanford Marine Group (SMG) – Waha Capital’s investment in the maritime space - has continued to benefit from strong demand for offshore oil and gas support vessels across its core GCC and Southeast Asian markets. This year the company has acquired 5 vessels, delivered 9 ships and undertook repair and maintenance work on 499 ships. During this period, SMG had a utilization rate of 88.5 per cent on its vessels and achieved a margin of 24.9% on EBITDA of AED 156 million.

    Dunia Finance has expanded its loan book at a healthy rate this year, with the company gaining circa 18,100 new customers and achieving over 24 percent growth in its loan portfolio. In the first nine months of the year, the company saw a 34 percent rise in net interest income from a year earlier, with net profit rising by 85 percent.

    Separately, Waha Capital’s industrial real estate development, ALMARKAZ, has seen strong leasing demand following completion of the first phase of construction in December 2012. The project continues to receive increasing interest from manufacturing and logistics businesses attracted by the development’s Grade A industrial facility. The initial development of small industrial units totalling 90,000m2 of gross floor area has been completed, with circa 55% of the space pre-leased and negotiations underway with several companies to occupy a number of warehousing units in the coming months.

    The results were announced following a Board meeting in Abu Dhabi chaired by His Excellency Hussain Jasim Al Nowais, Chairman of Waha Capital.

Share Price

4/24/2014 2:00:00 PM
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VIDEOS

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

 

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  • 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.”