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KHALEEJ TIMES, Wednesday, May 5, 2021 | Ramadan 23, 1442

Waha Capital posts Dh111 million profit in Q1

Emirates: Waha Capital delivered an overall Q1 profit of Dh111 million as both the public markets and private investments businesses demonstrated robust performance, while the global economic outlook continued to improve due to Covid-19 vaccination efforts.

According to financial statement, the public markets business has maintained its strong track record of delivering returns and outperforming its peers in the Mena region, delivering Q1 profits of Dh139 million.

Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said: "The Covid-19 vaccination program has continued to reaffirm confidence in global markets during the first quarter contributing to Waha Capital’s strong financial performance. 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. The Board continues to take a long-term perspective to Waha Capital’s progress, ensuring that the company can deliver sustainable growth and value to shareholders."

Waha Capital’s Islamic fund, which launched in August 2020, and invests in Shariah compliant assets across sukuk and equity markets, produced a total Q1 return of 1.6 per cent.

The private investments business, which comprises a portfolio of assets across a range of sectors including healthcare, industrial real estate, financial services and fintech, energy, infrastructure and travel, delivered Q1 profits of Dh15 million.

Waha Land which constructs, owns and manages industrial real estate projects in Abu Dhabi has continued to maintain its strong occupancy rates at its Almarkaz development (95 percent for Stage 1 and 97 percent for Stage 2A) and continues to provide positive returns to Waha Capital.

Ahmed Khalifa Al Mehairi, chief executive officer of Waha Capital added: "Our first quarter results demonstrate that our strategy is working and provide further confidence in our ability to deliver sustained returns for shareholders. 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. 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."

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