Abu Dhabi's Waha Capital Q4 profit nearly doubles

Investment firm made a net profit of $38.7m.
Abu Dhabi's Waha Capital Q4 profit nearly doubles
By Reuters
Sun 01 Feb 2015 11:55 AM

Abu Dhabi investment firm Waha Captal posted a 88 increase in fourth-quarter profit on Sunday, helped by its investments in aircraft leasing company AerCap Holdings.

Waha made a net profit of AED142.1 million ($38.7 million) in the quarter ended December 2014 compared to AED75.6 million in the same period a year ago, it said in a statement.

Waha's full-year net profit totaled AED1.73 billion versus AED306.4 million in 2013.

In December, Waha hedged 12 million shares it owned in AerCap and sold a further 3 million shares in the aircraft leasing firm. Waha did a similar deal in September when it hedged half its stake - 15 million shares - in Aercap.

"The company... benefited from a strong performance across its principal investments, with AerCap Holdings providing the largest contribution to earnings growth," the statement said.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.