Waha Capital reports operating revenues of AED 98.1 million in Q1 2009
Waha Capital PJSC, the Abu Dhabi-based, ADX-listed and diversified holding company, reported operating revenues of AED 98.1 million (US$ 26.7 million) in the first quarter of 2009.
The company's financial report sent to ADX for the period ending March 31, 2009, highlights that the company sustained a small loss for the first quarter of AED 38.8 million, reflecting the prevailing poor market conditions. Total assets stood at AED 4.7 billion, while cash available for Investment were AED 185.4 million and unused available banking facilities were approximately AED one billion as at the end of the first quarter.
Highlighting the company's commitment to continue to preserve and increase shareholder value as a top priority, Mr. Samer R. Alhaj, Waha Capital's CEO, said: "We have experienced a continuation of the unprecedented challenges through the first quarter as a result of the global financial crisis. However, Waha Capital is confident of its well-defined long-term investment strategy, which aims to diversify income sources whilst capitalizing on potential local and international multi-sector opportunities that positively boost the company's profitability.”
Mr. Alhaj added that Waha Capital has attained remarkable milestones in recent weeks. Last month, the company secured the largest-ever contract since inception when it was mandated by the UAE Armed Forces to arrange a AED 11 billion financing facility to purchase military transportation aircraft for the UAE Army.
Most recently, Waha Land, the wholly-owned real estate arm of Waha Capital PJSC, unveiled "ALMARKAZ", a new multi-faceted project in Abu Dhabi with a first phase development value of AED 4 billion. ALMARKAZ spans over a 6 square kilometer plot in Abu Dhabi and is envisaged as a mixed-use development featuring warehouses and storage, light industrial units, in addition to workforce accommodations.