Abu Dhabi: Waha Capital PJSC (ADX: WAHA), an Abu Dhabi-based investment company, reported today total revenues of AED 112.1 million, compared with AED 147.8 million during the same period in 2011.
Despite taking prudent provisioning during this period on legacy assets, the company recorded a net profit of AED 3.5 million for the first half of 2012.
This conservative approach, in the midst of challenging market conditions, has placed Waha Capital in a stronger position and further reinforced its already strong balance sheet.
Waha Capital’s balance sheet core investments, such as New York-listed aircraft leasing company AerCap Holdings N.V., oil and gas services firm Stanford Marine Group, as well as the company’s financial advisory business continued to perform well against an uncertain global macroeconomic backdrop.
Total operating expenses in the first six months of 2012 were AED 111.3 million, compared to AED 111.4 million a year earlier. Total assets stood at AED 4.2 billion, unchanged from the end of 2011.
Waha Capital’s Board of Directors also agreed today to appoint Chief Executive Officer Salem Al Noaimi to a new role as Managing Director, responsible for leading the company’s strategy, as well as maintaining and building strong relationships with key stakeholders.
Hussain Jasim Al Nowais, Chairman of Waha Capital said this move would strengthen the company’s leadership as it evolves into an investment management business model in the coming years, developing new investment partnerships.
“The executive management team will continue to work on building a dynamic investment company aimed at creating shareholder value,” Al Nowais said. “We are focused on becoming a sophisticated investor, allowing our teams to eventually step away from the day-to-day operations of our holdings, and to concentrate on pursuing new investment opportunities and extracting maximum returns for our shareholders and partners.