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Waha Capital records surge in net profits in 9M

Waha Capital records surge in net profits in 9M
The company's total income amounted to AED 900.1 million
Waha Capital
OILC
-2.65% 1.47 -0.04

Abu Dhabi – Mubasher: The net profits attributable to the owners of Waha Capital jumped to AED 296.54 million during the first nine months of 2021, compared to AED 58.507 million in the year-ago period, as shown by the company's consolidated financials for the nine-month period ended on 30 September 2021.

Higher net profits are attributed to a rise in asset management – capital markets profits to AED 429.4 million and private investments profit.

The company's total income amounted to AED 900.1 million in the January-September period of 2021, up from AED 502.84 million in the corresponding period of 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.16 in the first nine months of 2021, versus AED 0.03 in the same period of the previous year.

During the third quarter (Q3) of 2021, the company's net profits attributable to the owners decreased to AED 32.059 million from AED 85.715 million in the same quarter of 2020.

Commenting on the company's performance, the company's Chairman, Waleed Al Mokarrab Al Muhairi, said: "Waha Capital has continued to develop a world-class investment management business, despite a challenging global operating environment this past year, marked by the lingering impact of the pandemic on many economic sectors."

Meanwhile, the company's CEO, Ahmed Khalifa Al Mehairi, remarked: "The Public Markets business has grown to over US$1 billion in assets under management, with each of our investment strategies continuing to produce attractive returns for the company and our third-party investors."

It is noteworthy to mention that during the first half (H1) of 2021, the company reported net profits attributable to the owners of AED 264.48 million, against net losses of AED 27.208 million in the same period of 2020.