Waha Capital Reports Q1 2022 net Profit of Dh147 Million as total AUM grows 8% quarter-on-quarter to reach Dh6.3 billion

Waha Capital PJSC, an Abu Dhabi-listed investment management company (ADX: WAHA), has reported a 32% year-on-year increase in first quarter net profit, driven by robust returns from its Public Markets business and the strong performance of its Waha MENA Equity Fund.
The company recorded a net profit of AED 147 million in the first three months of 2022, compared to
AED 111 million in the same period in 2021.
The Public Markets business, which manages emerging markets credit and equity funds, reported
investment gains and fee income of AED 224 million in the three-month period. Meanwhile, Private
Investments recorded positive net income, primarily due to mark-to-market gains on investments.
Finally, Waha Land continued to generate steady income from its light industrial real estate assets.
Total AUM grew 8% quarter-on-quarter to reach AED 6.3 billion.

Public Markets Highlights
Waha Capital’s Public Markets business has remained resilient in the face of heightened volatility in
global markets, with the company’s funds continuing to outperform the relevant benchmarks.
Emerging equity and credit markets have been impacted by lingering supply chain disruptions, which
have exacerbated global inflation and raised expectations for the additional tightening of monetary
policy.
Despite these developments, the Waha MENA Equity Fund returned 8.2% in the first three months of
2022, compared to 5.5% over the same period last year. This reflects a cumulative return of 265.6%
since its inception in 2014, versus the 88.4% return provided by the reference S&P Pan Arab
Composite Index.
The Waha CEEMEA Credit Fund returned -1.1% in Q1 2022, compared to -22.8% for the reference
JPMorgan CEEMEA CEMB Index. This disparity was driven by the defensive strategy adopted by the
Waha Capital Public Markets team in late 2021, which reduced the Fund’s sensitivity to anticipated
market turbulence. The Fund has returned a cumulative return of 170.5% since its inception in 2012,
compared to 41.2% for its reference index.
The Waha Islamic Income Fund returned -0.3% in Q1 2022, compared to -4.76% for the reference
Dow Jones Sukuk Index in the same period. The Fund has yielded a cumulative return of 56.9% since
its August 2020 inception against 2.3% for its reference index.

WAHA CAPITAL
Private Investments Highlights
With a new team in place led by Hashem Dabbas as Chief Investment Officer, the Private
Investments business increased allocations to its Global Opportunities strategy during the first quarter
– bringing total committed capital to AED 434 million to date. This fully flexible, opportunistic global
mandate targets investments in the alternatives space with high risk-adjusted returns.
The Private Investments business recorded a net profit of AED 30 million in Q1 2022, versus AED 7
million in the same period last year.

Waha Land Highlights
The Waha Land subsidiary, which owns and operates a light industrial real estate development in Abu
Dhabi, generated a net profit of AED 10 million in Q1 2022, with the property portfolio currently 95%
leased.