Waha Capital reports net profit of Dhs27.5m in Q3

Waha Capital, a diversified investment company based in Abu Dhabi, reported on Monday a net profit of Dhs27.5 million for the third quarter of 2012 compared with a net profit of Dhs26.6 million in the same period of 2011. Waha Capital’s portfolio investments continued to perform well against a backdrop of global macroeconomic uncertainty. The financial results were announced following a Board meeting of Waha Capital in Abu Dhabi, chaired by Hussain Jasim Al Nowais, Chairman of Waha Capital. The company currently has assets worth Dhs4.24 billion, compared to Dhs4.2 billion at the end of 2011. In the third quarter, Waha Capital recorded total revenues of Dhs69.2 million, compared to Dhs79.5 million a year earlier. Total operating expenses were Dhs43.7 million in the quarter, compared to Dhs52.3 million a year earlier. “We are pleased with the performance of our investments, especially given the difficult global market conditions,” said Salem Al Noaimi, Waha Capital’s Managing Director. “Our balance sheet remains strong, and we are now well positioned to take our business forward, capitalising on attractive investment opportunities in growth areas, particularly in the GCC.” Among Waha Capital’s key investments, New York-listed Aercap Holdings is well positioned for growth, having arranged debt financing of $210 million in the third quarter, bringing total capital raising this year to $860 million. The company continued to grow its portfolio in the third quarter, taking delivery of eight aircraft and acquiring three new Boeing 737-800 aircraft and a new Airbus A330-300, while selling five older aircraft. Aercap’s portfolio now totals 337 aircraft, either owned, on order or managed. From Gulf Today