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2015 Mar 25

Waha Capital AGM approves cash dividend of 30 percent

Abu Dhabi, 25 March 2015 – Shareholders of Waha Capital PJSC (ADX: WAHA), a leading investment company based in Abu Dhabi, approved a cash dividend of 30 percent for eligible shares at the company’s Annual General Meeting held on Tuesday and chaired by H.E. Hussain Jasim Al Nowais, the company’s Chairman.

Addressing shareholders, Al Nowais said: “Waha Capital increased its dividend distribution by 140 percent in 2014 as compared to the previous year. The company‘s balanced approach helps us maintain a strong financial position while delivering the best possible returns for shareholders.”

The company performed exceptionally well in 2014, recording a net profit of AED 1.733 billion, a 466 percent year-on-year increase compared to the AED 306.4 million recorded in 2013 – and the highest in the company’s history. The total value of Waha Capital’s assets reached AED 9.8 billion, up from AED 5.24 billion a year earlier while the company’s funding capacity grew to AED 3.2 billion.

He added that in 2014, Waha Capital recorded a return on average equity of 51 percent, compared with 13 percent in 2013. He noted that this strong performance was primarily attributable to the increase in value of Waha capital’s stake in AerCap, which the company locked in through two separate hedging transactions during the year.

Commenting on the company’s performance, Al Nowais said, “Waha Capital’s record performance reflects the sound strategy we have put in place. We have built a strong platform to allow the company to pursue its growth strategy and to pave the way for further investments, particularly in high growth sectors such as healthcare, education, energy and infrastructure”. He added: “Our capital markets division which already enjoys a strong track record in debt markets, started investing in regional equities in 2014. It also plans to offer an investment management proposition to third party investors in the coming year”.

In 2014, Waha Capital established a new unit to drive its future investments in the energy sector across the MENA region, through which it acquired a 20.15 percent stake in National Petroleum Services (NPS). NPS has already started to contribute to Waha Capital’s bottom line. Other Waha Capital investments, including Dunia Finance, the MENA Infrastructure Fund and Stanford Marine Group, also continued to perform well during the year.

During the Annual General meeting shareholders approved the reelection of the current board members.

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.

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