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2008 Jul 23

Waha Capital reports AED 66.8 million net profit for first half

Abu Dhabi, July 23rd, 2008: Waha Capital, the Abu Dhabi-based and Abu Dhabi Securities Exchange-listed, diversified investment holding company, has reported a net profit of AED 66.8 million for the six-month period ending June 2008, an increase of 10 percent over net profit of AED 60.9 million during the corresponding period last year.

The earnings announcement was made after the Board of Waha Capital met today in Abu Dhabi. The meeting was attended by HE Hussein Jassim Al Nuwais, the Chairman, and other Board Members.

Waha Capital's report sent to Abu Dhabi Securities Exchange (ADX) has shown that the company's revenues for the first half of the year have increased to AED 272.4 million from AED 212.5 million in 2007, posting a 28 percent growth. Operating profits also reached AED 64.1 million compared to AED 53.9 million in the previous year.

Company’s operating assets increased to AED 4.59 billion by 30th June 2008, posting a 5.5 percent growth during the year from AED 4.35 billion at the end of 2007.

HE Al Nuwais said, “The first half of 2008 has been a conscious and concentrated effort in building up our human capital and laying down the “foundation for growth” using acquisitions, start-ups and joint ventures with key strategic partners to implement our strategy."

“The recently announced launch of Dunia Finance (in partnership with Mubadala and Fullerton) and the acquisition by Waha Capital of a strategic stake in GMMOS are early indications of what is yet to come as we move forward with creating value for our shareholders. We look forward to more such announcements for the balance of 2008 and beyond”, he added.

Waha Capital unveiled its strategy for diversified business growth in February this year when it announced its transformation from a single-business company into a holding company with four sector-specific subsidiaries: Waha Leasing, Waha Maritime, Waha Financial Services and Waha Land.

At the time, Waha Capital said it would pursue a strategy to drive multi-sector business growth and diversification through acquisitions, joint ventures and the creation of new businesses with investments worth AED 20 billion, and shall focus on building a diversified, Abu Dhabi-based powerhouse that derives its vision from that of the overall vision for Abu Dhabi as outlined by the country’s leadership.

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