Abu Dhabi, 23 March 2014 –
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.