Abu Dhabi – Mubasher: Waha Capital on Sunday reported a 22.6% year-on-year rise in net profit for the first quarter of 2018, recording AED 107 million.

The increase in quarterly net profit was mainly driven by the company’s strong asset management division and gain recorded on disposal of 3.77 million shares in Netherland-based AerCap, Waha Capital said in a statement.

Total income grew 18.9% in the three-month ended March 2018 to AED 316.2 million due to a surge in income produced by the Abu Dhabi-based firm’s equities and fixed income funds, in addition to a growth in assets under management, according to the statement.

The company also reported an AED 25 million gain from the sale of 3.77 million shares in the world's largest independent aircraft leasing AerCap Holdings.

The Emirati leading investment company also posted an AED 25 million gain from the sale of 3.77 million shares in the world's largest independent aircraft leasing AerCap.

Moreover, the company retains a 15.68% stake in the New York-listed firm.

On the other hand, Waha Capital’s total expenses fell 5.3% to AED 160 million in Q1-18, the company added.

“Waha Capital’s transactions in the last year have further diversified our assets, and we are actively pursuing further attractive investment opportunities,” chairman of Waha Capital Salem Rashid Al Noaimi said.

The company will continue to steadily increase its fee income by attracting third-party investors to its actively-managed funds, which have consistently outperformed their benchmarks, he continued.

In 2018, the investment company’s flagship funds have expanded on a strong 2017 performance. The Waha MENA Equity Fund and the Waha CEEMEA Fixed Income Fund have provided a 10.8% and a 4.1% total return in Q1-18, respectively, Waha Capital noted.

Meanwhile, Dunia Group reported a net interest income of AED 125.2 million in Q1-18, as its customer grew 14% year-on-year to over 300,000.

Furthermore, income from subsidiaries Anglo Arabian Healthcare and Waha Land stood at AED 72 million.

Waha Capital’s total assets boosted to AED 11.53 billion in Q1-18, from AED 11.35 billion in the prior-year period, the statement said.

Principal investments made up over half of Waha Capital’s assets, with asset management of 47%, and other assets accounting for 1% of the total.