Abu Dhabi – Mubasher: Waha Capital swung to losses during the first half of 2019.

The company suffered AED 182.2 million in losses in H1-19, against profits of AED 239.7 million in H1-18, according to a recent filing to the Abu Dhabi Securities Exchange (ADX).

The company’s credit and equity funds, which have consistently outperformed key indices over several years, continued to deliver strong returns, while assets under management have also increased to AED 2.9 billion.

“Thanks to a well-established business platform, a robust balance sheet and institutional backing, Waha Capital is well placed to play a leading role in the regional investment landscape,” Waleed Al Mokarrab Al Muhairi, chairman of Waha Capital, said.  

Al Muhairi added that the company’s Asset Management division continues to demonstrate an impressive track record of outperformance.

“Waha Capital’s first-half results show continued growth of our Asset Management business, with strong profitability metrics, while our Principal Investments unit was impacted by one-off losses. Higher financing costs also weighed on the company’s bottom line,” Mohamed Al Nowais, managing director of Waha Capital, point out.

He noted that Waha Capital remained highly resilient due to the diversification of its assets, and the management team is fully focused on creating value across the business.

Quarter-on-quarter, net losses of Waha Capital registered AED 124.4 million during the second quarter of 2019.

“Financial results in recent quarters have been impacted by losses associated with the collar hedge on the stake in AerCap Holdings,” Al Muhairi commented.