Waha Capital takes hit on profit from market volatility

Waha Capital takes hit on profit from market volatility
Waha Capital takes hit on profit from market volatility

Dubai

Waha Capital, the Abu Dhabi-based investment firm, has reported a near 35 per cent decline in net profits for the third quarter, driven by losses from investments. The company recorded Dh55.4 million in net profits attributable to owners during the same period, down from Dh84.7 million from the same quarter in 2017.

The latest number brings net profit for the first nine months to Dh295 million, up 10 per cent year-on-year. Specific to the third quarter, funds that had consistently outperformed key indices over previous years were impacted by volatility in global financial markets, a statement from Waha Capital said.

Revenues in the first nine months fell around 14 per cent year-on-year to Dh211 million.

Salem Rashid Al Noaimi, chairman, described macroeconomic conditions this year as “difficult”, adding that “global capital markets are extremely volatile”. The company’s losses from investments amounted to Dh37.9 million compared to Dh90 million in investment gains in the third quarter of 2017.

In the first nine months this year, Waha said it benefited from a “continued robust contribution from its stake in New York-listed AerCap Holdings, as well as a gain of Dh64.1 million” from the sale of AerCap shares.

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