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Waha Capital records 90% surge in Q1-24 net profits

Waha Capital records 90% surge in Q1-24 net profits
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Waha Capital
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Abu Dhabi – Mubasher: Waha Capital logged net profits after tax valued at AED 281 million in the first quarter (Q1) of 2024, an annual leap of 90% from AED 148 million, according to the financial results.

Net operating income enlarged by 73% to AED 418 million in Q1-24 from AED 242 million a year earlier, as the public markets business delivered strong returns and higher fee income due to an increase in third-party funds.

Total assets under management (AUM) reached AED 11.10 billion as of 31 March 2024, up 5.70% from AED 10.50 billion at the end of December 2023.

Mohamed Hussain Al Nowais, Managing Director of Waha Capital, said: “In Q1-24, the company reported net profit attributable to shareholders of AED 166 million, representing a YoY increase of 121%.”

“The funds multi-year track record continues to attract significant inflows of third-party capital, which passed the AED 6 billion milestone during Q1,” Al Nowais highlighted.

He added: “The Private Investments business recorded a net profit of AED 37 million in the quarter, driven by returns from across its diversified portfolio.”

At the company’s annual general meeting, the shareholders of Waha Capital approved a cash dividend of 10 fils per share. The payout represented a dividend yield of 6.70%.