Abu Dhabi – Mubasher: UAE-based Waha Capital reported net losses of AED 205 million over the third quarter of 2019, against profits of AED 55.4 million in the corresponding period in 2018.

Losses were attributed to adjustments following a reassessment to some of the company's investments, according to a press release on Sunday.

With assets totalling AED 10.6 billion in the present time, the asset management division has seen growth in assets under management (AUM) by 24% to AED 3.1 billion in 2019.

In addition, the Waha CEEMEA Credit Fund registered a total return of 14.7% during the period from January to September 2019, bringing a total cumulative return to approximately 173% since inception in 2012.

In the meantime, the Waha MENA Equity Fund produced a total return of 21.4%, providing over 170% total return since inception in 2014.

“The company has adopted a strategy to optimize and grow our investment portfolio and to address asset-specific issues that have impacted financial performance. We will leverage our significant representation on the boards of portfolio companies to influence strategy and create long-term value, whilst pursuing new opportunities in growth sectors both locally and internationally,” said newly-appointed CEO, Amr Al Menhali.

As regards the first half of 2019, the company suffered AED 182.2 million in losses, against profits of AED 239.7 million in H1-18.