Waha Capital records $6.15m Q3 net profit

UAE DIRHAM: Waha Capital recorded a Q3 profit of AED22.6m.

Waha Capital has recorded a third-quarter net profit of AED22.6m ($6.15m) for 2009, the holding company said in a statement on Tuesday.

The Abu Dhabi-listed company said it recorded a net income of AED353m in the three months to September 30.

The firm said net operating profits for the third quarter of this year were AED7.4m and operational assets were AED4.5bn.

Salem Rashid Al Noaimi, CEO of Waha Capital, said despite fluctuations in global and local markets, Waha had launched several investment initiatives this year.

The company's real estate arm Waha Land finalised all land deals for its Al Markaz development in Abu Dhabi and opened registration to investors.

Construction on the first phase of work is set to be completed in the third quarter of 2010, the statement said.

The firm also acquired a 50 percent stake in the Dutch company AerVenture in April, and in February announced its biggest financing deal to manage the AED11bn AUE Armed Forces’ mandate to purchase military aircraft.

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