Waha Capital reports AED40 million net profit for 2008
Revenues at AED506 million, up 13% over 2007
Abu Dhabi, 26 January 2009: Waha Capital PJSC, the Abu Dhabi-based and Abu Dhabi Securities Exchange-listed, diversified investment holding company, has reported a revenue of AED 506 million for 2008, an increase of 13 percent over 2007. The Company posted a net profit of AED40 million for 2008.
The earnings announcement was made after the Board of Waha Capital met today in Abu Dhabi. The meeting was attended by HE Hussein Jassim Al Nowais, the Chairman, and other Board Members.
Waha Capital’s report as sent to the Abu Dhabi Securities Exchange (ADX) has shown that the Operating Assets were approx. AED4 billion as at the end of 31 December 2008. Cash available for investments also increased to AED 227 million, and the Company's unused banking facilities were reported to be approx. AED1 billion.
Samer R. Alhaj, Waha’s Chief Executive Officer, said that 2008 witnessed numerous and unprecedented challenges as a result of the financial crisis, its effects and consequences, which are still to be understood and explained. “As a consequence, we, at Waha Capital, are expected, more than any other time, to double our efforts and energies, utilize our time more efficiently and professionally, and operate innovatively in the service of our Company.”
Alhaj added: “The Executive Management of Waha Capital has always put the protection of our shareholders’ interests and rights as our highest priority and main concern. I would also like to stress that, despite these unprecedented and severe fluctuations the global economy is undergoing, Waha Capital remains committed to its investment strategy, which is based on diversifying our sources of revenue, and a cautious and balanced study of potential opportunities that are available in various economic sectors whether locally or internationally, particularly in the United Arab Emirates.”
Alhaj told board members that 2008 was a disruptive year packed with plenty of achievements, developments, and challenges on the Company’s level, as well as in its operating sectors, and in the local, regional and international economies generally. He also stated that: “the upcoming few months are going to be critical locally and globally, and are going to witness yet more major challenges resulting from the global economic crisis, as it has become more and more difficult to predict its consequences or limit its effects and future drawbacks. Nevertheless, these same challenges will in turn produce several investment opportunities in various economic sectors.”
“The launch of Waha Capital, in February 2008, came as a realization of the Company’s vision and mission in achieving unlimited growth and expansion and penetrating new sectors including, and in addition to the leasing sector, some vital and important sectors that will yield major economic benefits for the Company and for the national economy. Notably, these sectors are specialized financial services, real estate development, logistical services, maritime services, and infrastructure projects,” he explained.
Highlighting the company’s outlook for 2009, Alhaj said: “Although acutely aware that the crisis is not yet over, we are currently closely watching the performance measures and indices of global markets in order to assess the best investment directions and opportunities during the upcoming period. The Company will continue its efforts to target and seize such opportunities, only after performing adequate studies, and choosing the appropriate timing for these investments with deliberate caution and care as we have done always. Despite the negative drawbacks to the crisis, there are numerous investing opportunities available that have a high level of profitability and low risk, particularly in the United Arab Emirates, where the Company is currently evaluating several investment options available in various economic sectors in the nation.”
“During the year, Waha Capital managed to take big leaps towards achieving more progress and prosperity in different specialized projects and programs, which altogether constitute the main platform to launching and realizing more successes according to our strategy of growth and diversification. This strategy aims to achieve the highest return for the Company’s shareholders and protect their rights. These results and developments that Waha Capital has witnessed during the year wouldn’t have been possible if it were not for the Board of Director’s and all our employees’ dedication to put all their efforts and powers to overcome the difficulties and challenges to reach the best outcomes,” he concluded.
Waha Capital notified ADX that its AGM meeting will be held on Wednesday 25th February 2009 in Abu Dhabi. Topics to be covered in the meeting include approval of 2008 financial results and the appointment of new financial auditors.
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