Waha Capital, the Abu Dhabi-based investment company that owns a stake in the New York-listed airline leasing company AerCap, said its second-quarter profit surged after a one-off gain related to AerCap’s acquisition of International Lease Finance Corporation closed in May.
Net profit increased to Dh1.13 billion in the second quarter from Dh38.4 million in the corresponding period a year earlier, the company said. The gains were also supported by other Waha Capital portfolio companies, including Anglo Arabian Healthcare and Dunia Finance.
“The company is in an excellent position to take advantage of attractive investment opportunities in high potential sectors in the local and regional economy,” said Jasim Al Nowais, the chairman of Waha Capital. “We will continue to focus on maintaining a healthy pace of growth in our core activities. I am confident that Waha Capital has the right level of expertise and the financial capacity to continue to maximise shareholder value.”
AerCap, in which Waha Capital has a 14.1 per cent stake, said in December that it had agreed to buy the insurer American International Group’s aircraft leasing business, International Lease Finance Corporation, in a deal valued at more than US$5bn.
Under the terms of the transaction, which will increase the size of AerCap’s fleet to more than 1,300 aircraft, AIG will receive $3bn in cash in addition to 97.5 million AerCap shares for its wholly owned subsidiary ILFC.
Shares of Waha were unchanged at the close of trade yesterday at Dh3.17. They have gained 48 per cent this year.
mkassem@thenational.ae
