Waha Capital reports AED 29.7 million net profit in first quarter
Waha Capital, the Abu Dhabi-based and Abu Dhabi Securities Market-listed holding company, today reported net profit of AED 29.7 million in the first quarter of 2008, an increase of 5.4 per cent from AED 28.3 million earned during the first quarter of 2007.
Waha Capital said its total revenues during the January-March period of 2008 grew 27.5 per cent over the corresponding period in 2007 to AED 128 million. Operating profits jumped 19.3 per cent, from AED AED 23.6 million in the first quarter of 2007 to AED 28 million. Operating Assets were valued at AED 4.8 billion at the end of March 31 this year, 10.6 per cent higher than the corresponding period of 2007.
Hussein Jassim Al Nowais, Waha Capital's Chairman, said: "The management has pursued a clearly defined growth strategy to ensure that Waha Capital builds a strong base that will enable new investments in multiple sectors. This is evident from the company's activities in the first quarter, which marked the beginning of a new era in which Waha Capital started a new phase of growth and expansion designed to strengthen revenues and shareholder value."
Al Nowais stated that the company is currently studying projects and ventures with high profit potential in various sectors. "Waha Capital is further strengthening its senior-level human resources, taking on board experienced specialists who can help enhance the company's competitive advantages. We are also pursuing our strategy of adding value to and capturing the investment opportunities in the UAE in general and in Abu Dhabi in particular."
Waha Capital unveiled its new strategy for business growth and diversification in February 2008. The company announced at the time that its expected investments in diverse business sectors such as real estate development, leasing and maritime services will exceed AED 20 billion over the next three years.
© 2008 Al Bawaba (www.albawaba.com)