Abu Dhabi, 2 August / WAM / Waha Capital announced today, Friday, that it achieved net profits attributable to shareholders of AED 205 million in the first half of 2024, an increase of 21% year-on-year.
The company said in a press release: “Net operating income increased by 6% in the first half of 2024 to reach AED 529 million. This is mainly due to the increase in fee income and the success of Waha Investment in attracting strong capital flows from third parties in addition to the strong performance of the private investment unit.”
Waha Capital continues to finalize the restructuring of its existing $500 million revolving credit facility, which matures in mid-August 2024, as it continues to focus on prudently managing its balance sheet. This refinancing will ensure Waha Capital is able to invest in emerging growth opportunities over the coming years.
In turn, Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said: “Despite the challenges of global macroeconomic conditions, the company demonstrated strong financial performance in the first half, achieving a return on average equity of 13.1%. Waha Investments’ business continued to attract capital from third parties worth AED 691 million, reflecting the confidence of institutional investors in our flagship funds.”
Al Muhairi added: “The private equity unit has contributed to strengthening the company’s balance sheet through its success in realizing value from various assets. In addition, Waha Land has maintained its strong performance, confirming its pivotal importance in achieving our strategy objectives by stimulating growth and providing a stable rental return. Meanwhile, Waha Capital continues its commitment to attracting global capital and promoting sustainable growth to achieve better value for shareholders in the future.”
For his part, Mohammed Hussain Al Nowais, Managing Director at Waha Capital, said: “The company’s strong profits in the first half of this year confirm the efficiency of its investment strategy and the resilience of its diversified business model. This financial performance reveals its ability to deliver strong results during global market volatility.”
“Among the key factors contributing to this excellent performance were attracting capital commitments from third parties in our flagship funds and achieving significant gains in the market value of the assets of the private investment unit portfolio, which confirms the validity of our multi-faceted capital allocation strategy and our strict risk management policy,” Al Nowais added.
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