Abu Dhabi – Mubasher: Waha Capital posted a 50.2% year-on-year decline in its profits during the first quarter of 2017, according to a statement.
Profits amounted to AED 87.6 million ($23.84 million) in Q1-17, compared to AED 175.8 million ($47.85 million) in Q1-16.
Earnings per share (EPS) reached AED 4.5 in Q1-17, compared to AED 9 in Q1-16.
The company’s income from equity-accounted associates and joint ventures fell 50.7% to AED 67.2 million in Q1-17, compared to AED 136.4 million in Q1-16.
“Waha Capital manages a well-balanced portfolio of investments that is delivering a solid performance despite a difficult operating environment for some sectors," according to Salem Rashid Al Noaimi, CEO and managing drector of Waha Capital.
"Our asset management business has delivered a truly excellent performance from its credit and equity funds, and is now an important revenue stream. We intend to continue to build this business, adding private debt to our asset mix and offering this as a new fund to regional investors," he added.
Assets under management (AUM) reached AED 1.6 billion as at 31 March 2017.
