Dubai: Market boom and restructuring efforts are bearing fruit for investment company Waha Capital in Abu Dhabi. Al Waha reported a first-quarter profit of 111 million dirhams, a sharp reversal from a loss of 294 million dirhams in the same period last year.
Net operating income for this period is AED 250 million, compared to a net operating loss of AED 408 million. “The outlook for the rest of the year is encouraging, and it has a comprehensive strategy to take advantage of opportunities in our sectors and key markets,” said Walid Al Muqarrab Al Muhairi, Chairman.
The company’s public market business posted a profit of 139 million dirhams in the first quarter, as two of its funds generated “strong returns”. The Private Investments division – made up of assets in healthcare, industrial real estate, financial services and financial technology – generated profits of 15 million dirhams.
New investments made last year in US stocks included an investment in online travel service provider Despegar that “is already contributing to overall returns”.
Ahmed Khalifa Al Muhairi, CEO, said: “Our growth strategy is on the right track, and our market-leading funds continue to perform very well against their peers, and our recent investments are already contributing to our profits.” “Waha Capital has responded well to the challenges of the COVID-19 pandemic. 19, we have the right team and the ability to make more strategic investments in the coming year. “