Dubai: An upturn in the markets and its own restructuring efforts are paying off for Abu Dhabi’s Waha Capital, the investment company. Waha recorded first quarter profits of Dh111 million, a sharp turnaround from the Dh294 million loss same time last year.
Net operating income for the period came to Dh250 million, against a net operating loss of Dh408 million. “The outlook for the rest of the year is encouraging, and the company has a comprehensive strategy to take advantage of opportunities in our key sectors and markets,” said Waleed Al Mokarrab Al Muhairi, Chairman.
The company’s Public Markets business delivered first quarter profits of Dh139 million, with two of its funds delivering “strong returns”. The Private Investments division – made up of assets in healthcare, industrial real estate, financial services and fintech – delivered profits of Dh15 million.
New investments made last year in US securities included an investment in the online travel provider Despegar are “already contributing to overall returns”.
“Our growth strategy is on track, our market leading funds continue to perform extremely well against peers, and our recent investments are already contributing to our profitability,” said Ahmed Khalifa Al Mehairi, CEO. “Waha Capital has responded well to the challenges of the COVID-19 pandemic, and we have the right team and the capacity to make further strategic investments in the year ahead.”