Waha
Capital, an Abu Dhabi investment company, said full-year profit rose 15 percent
to AED249m ($67.79m) driven by a restructuring in the firm’s leasing unit.
Net
profits reached AED249m compared to AED217m in the year-earlier period, while
return on equity increased to 12.2 percent, from 11.6 percent in 2009, the
company said in a statement to the Abu Dhabi bourse on Tuesday.
The
rise in net profit follows a $389m deal that saw Abu-Dhabi listed Waha buy a 20
percent stake in global aircraft leasing firm AerCap Holdings.
In
exchange, Waha sold its 50 percent share in partnership company AerVenture,
paid $105m in cash and transferred a 40 percent share of 16 aircraft it owns.
Chairman
Hussain Jasim Al Nowais said the company expected to continue its strong growth
pattern after a difficult year.
Earnings
per share increased to AED0.14 in 2010 compared to AED0.13 in 2009 on an
adjusted basis, while return on assets reached 6.2 percent compared to 4.8
percent in 2009, the company said.
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