Waha Capital has reported a preliminary 2018 net profit of AED145 million. The company, which operates an asset management business and a private investments business, generated total income of AED823.2 million, compared to AED1.2 billion in 2017.
ABU DHABI, (Pakistan Point News - 07th Feb, 2019) Waha Capital has reported a preliminary 2018 net profit of AED145 million. The company, which operates an asset management business and a private investments business, generated total income of AED823.2 million, compared to AED1.2 billion in 2017.
Its total assets increased to AED11.7 billion as at 31st December, 2018, from AED11.4 billion a year earlier.
The preliminary results were announced following a board meeting in Abu Dhabi chaired by Salem Rashid Al Noaimi, Chairman of Waha Capital. The board recommended a dividend of AED0.075 per share, subject to approval by shareholders at Waha Capital’s annual general meeting.
Waha Capital continued to build and optimise its private investments portfolio in 2018, through two transactions that served to diversify and enhance the liquidity of its assets.
During the year, the company divested its stake in UAE-based National Petroleum Services, NPS, to National Energy Services Reunited, NESR, in a cash and shares transaction. This freed up additional capital and gave Waha Capital a stake in NASDAQ-listed NESR.
Waha Capital also acquired a stake in Petronash, a leading provider of modular wellsite packages, chemical injection systems and wellhead control systems to the oil and gas industry. The US$88 million transaction included an option to increase Waha Capital’s stake in one of the most innovative firms operating in the oil and gas services industry.
Commenting on the results, Al Noaimi said, "Waha Capital continues to build a strong business, despite volatile capital markets and difficult operating conditions for some of our investments. The company’s strategy is to remain focused on deploying capital effectively in our areas of expertise, with a clear path to liquidity events that will create value for our shareholders. Our asset management business is developing well, and we continue to gather third party assets in the last year. Our strategy of diversification in recent years has given the company strength, and we expect to build on our strong track record of value creation in the coming years."
