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2011 Oct 27

Waha Capital reports a profit of AED 62.4 million in the first nine months

Abu Dhabi, 27 October 2011: Waha Capital PJSC, the diversified strategic investment firm based in Abu Dhabi (ADX: WAHA), today reported its financial results for the quarterly period ending 30 September 2011. Despite difficult market conditions, Waha Capital recorded a net profit of AED 26.6 million for the third quarter 2011 (Q3 2010: AED 37.3 million). During the nine-month period ended 30 September 2011, Waha Capital achieved a net profit of AED 62.4 million compared to AED 76.7 million in the corresponding period in 2010.

Waha Capital saw a 7.5% increase in total assets to AED 4.1bn at the end of this quarter up from AED 3.8bn at the end of December 2010.

Waha Capital’s operating income for the nine-month period ended 30 September 2011 was AED 227.3 million compared to AED 331.5 million in the same period of the previous year. The Group’s operating expenses during the first nine months of 2011 were AED 93.9 million compared to AED 184.7 million in the corresponding period of the previous year. The reduction in both operating income and expenses is primarily attributable to the restructuring of the leasing business and consolidation of investments in the aviation sector in the last quarter of 2010.

The results were announced following a board meeting in Abu Dhabi chaired by His Excellency Hussain Jassem Al Nowais, Chairman of Waha Capital, and attended by the members of the board and the executive management of the company.

Salem Rashid Al Noaimi, CEO of Waha Capital, said, “Our business model is well-planned and resilient, built on diversification and focused on long-term results. Recording profitability in such a challenging environment is a testament to our sound strategy and to the success of our efforts to restructure and streamline the business.”

He added: “Waha Capital will continue to seek growth and greater revenues through strategic diversification, and to bring about long-term value for our stakeholders.”

With interests in sectors such as leasing, financial services, oil and gas offshore support and real estate development, Waha Capital is continuously building its capabilities and exploring various investment opportunities across its business sectors.

Waha Financial Services continues to deliver on its existing mandates and seeks to further develop its client relationships. Waha Land, the real estate division of Waha Capital continued the development of ALMARKAZ, the division’s six square kilometer industrial complex and flagship project in Abu Dhabi. The project has seen the completion of the substructure and superstructure of 90,000 square meters of light industrial units and is in the process of finalizing the necessary infrastructure on a 1.5 million square meter plot, representing the first phase of the project. The Group plans to deliver the first set of industrial units during the fourth quarter of this year.

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