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Tue 13 May 2014 01:36 PM

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Abu Dhabi's Waha Capital posts 78% surge in Q1 net profit

Investment company's CEO says in 'excellent position' for further expansion in high growth sectors

Abu Dhabi's Waha Capital posts 78% surge in Q1 net profit
Salem Rashid Al Noaimi, CEO Waha Capital.

Abu Dhabi investment company Waha Capital posted a 78 percent jump in first-quarter profit on Tuesday as the sale of its stake in AerLift Leasing boosted the firm's income

Waha Capital's net profit in the three months to end-March rose to AED152 million ($41.4 million) from AED85 million a year earlier, it said in a statement.

Last month, Waha Capital said it had sold its 60.7 percent stake in AerLift Leasing, which owns a portfolio of 11 commercial aircraft operated by a number of international airlines, to a US-based investor.

The firm did not disclose the sale price at the time but disclosed on Tuesday that it was AED307 million.

Hussain Jasim Al Nowais, chairman of Waha Capital, said: “Waha Capital is delivering on its promise to maximise shareholder value, and deliver even higher return on equity. In only three months, the company has recorded the equivalent of half of last year’s full-year net profit. 

"We are confident that the successful implementation of our diversified strategy will position the company as a key player in the global market.”

He added: “We remain committed to prudently managing our investments and will pursue select investment opportunities in high potential sectors in order to continue to deliver strong returns to our shareholders.

Salem Rashid Al Noaimi, CEO and managing director, added: “We are well capitalised and in an excellent position for further expansion in areas with high growth potential, such as healthcare, education and other sectors where we see value.”

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