Waha Capital records third-quarter 2009 net profit of AED 22.6 million
Waha Capital, the diversified Abu Dhabi-based ADX-listed holding company, has recorded a net income of AED 353 million in the third quarter (July to September) 2009 and net profit of AED 22.6 million. The results were announced following the company’s board meeting in Abu Dhabi led by His Excellency Hussein Jassim Al Nowais, Chairman of Waha Capital, and attended by members of the board and executive management of the company.
Net operating profits for the third-quarter of 2009 are AED 7.4 million and operational assets are AED 4.5 billion.
Salem Rashid Al Noaimi, CEO of Waha Capital, said, "The third quarter of 2009 witnessed the company's continuous efforts to make a new leap based on strong and solid foundations by focusing on a long term investment policy based on income diversification and in-depth research of investment opportunities across all sectors both locally, particularly in the UAE, and internationally and saving necessary provisions to overcome the impact of the global financial crisis."
Al Noaimi explained that the company is in advanced talks with a number of governmental parties in the UAE to achieved deals and launch vital projects that will benefit the interests of the company's stakeholders and its partners in the private and public sectors, stating that Waha Capital will announce about these deals before the end of this year.
Al Noaimi explained that despite the fluctuations witnessed in the global and local markets, Waha Capital launched several innovative investment initiatives in 2009. The company's real estate arm Waha Land has accomplished all procedures with respect to acquiring land where its inaugural Al Markaz, the first multiuse project in Abu Dhabi, will be built.
The company also opened registration to individuals and corporations interested in investing in this iconic project to start the construction of the first phase, which is scheduled for completion in the third quarter of 2010.
The company announced last April that it has acquired a 50 percent stake in the Dutch company AerVenture with assets of approximately AED 8.8 billion, including 22 Airbus A-320 aircraft as well as confirmed requests to acquire 32 additional aircrafts of the same type.
The company also announced in February the biggest financing deal since its establishment to manage the AED 11 billion UAE Armed Forces' mandate to finance the purchase transaction of military aircraft.
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