Waha Capital 2010 year-to-date net profit jumps 239% to reach AED 77 million
Net operating profits for the nine-month period ending September 30, 2010 stood at AED 78 million, while total assets increased 8.4% to reach AED 4.6 billion. Total revenues for the nine-month period were AED 312 million compared to AED 353 million for the same period in 2009.
Revenue for the third quarter of 2010 was AED 105.4 million, compared with AED 104.9 million in the similar year-earlier period, while net profit for the third quarter was AED 37 million, versus AED 2 million in the equivalent period in 2009.
The results were announced following a board meeting in Abu Dhabi chaired by His Excellency Hussein Jassim Al Nowais, Chairman of Waha Capital. The meeting was attended by members of the board and executive management of the company.
Salem Rashid Al Noaimi, CEO of Waha Capital, said, “The surge in net profit reflects our financial robustness despite a challenging global economic environment and the prudent yet dynamic investment strategy we have followed. Over the past few years, Waha Capital has followed a path of strategic diversification that has enhanced revenue streams and brought exceptional growth. This diversification has brought significant long-term value for our stakeholders.”
In addition to a wide range of ongoing activities across its core sectors of financial services, leasing, maritime, oil and gas, and real estate development, Waha Capital registered several transactions of note during the third quarter of 2010, included arranging a $1.5 billion bond to finance aircraft for the UAE Armed Forces and delivering two new Airbus A330-300 aircraft to Singapore Airlines on long-term leases.
Its aircraft leasing subsidiary Waha Leasing is seeking to grow its global footprint mainly through partnerships and organic growth. Waha Capital’s maritime investment subsidiary Waha Maritime is looking to develop its platform with an emphasis on improving its fleet profile among other things and expanding beyond the GCC, while Waha Financial Services remains focused on developing its presence within the financial services space by developing its capabilities. Another subsidiary, Waha Land, is focused on developing its flagship project, Al Markaz industrial complex.