Abu Dhabi-listed Waha Capital posted a higher profit during the first nine months of this year, helped by the performance of its emerging markets credit and equity funds divisions.
The company earned a net profit of Dh297 million ($80.8m) in the nine months to the end of September, compared to Dh59m during the same period last year, it said in a statement on Sunday to the Abu Dhabi Securities Exchange, where its shares are traded.
"The company benefits from a strong balance sheet and a robust governance structure that provides confidence not only to shareholders but also to business partners, and third-party investors," said Waleed Al Muhairi, chairman of Waha Capital.
"On this solid platform, Waha Capital has built an industry leading public markets business that continues to gain global recognition for differentiated fund strategies and consistent market outperformance. The private Investments business is also strengthening, with an experienced investment team now in place that will leverage international business networks capital in an agile manner."
Waha Capital, which counts Mubadala Investment Company among its shareholders, embarked on a turnaround strategy in 2019 to further improve its performance.
The company's positive financial performance this year "reflects our successful transition from implementation of a turnaround strategy to a new phase of growth”, said Ahmed Al Mehairi, chief executive of Waha Capital.
The company's public markets division, which manages emerging markets credit and equity funds, registered investment gains and fee income worth Dh429m. Waha Capital had $1 billion worth of assets under management during the period.
Meanwhile, the private investments business produced a net income of Dh1m owing to the "market volatility impacting certain sectors within the portfolio" as a result of the pandemic.
"Waha Capital has delivered a solid return during the first nine months of this year, successfully navigating a tough global macro-economic environment and increased capital markets volatility in recent months," said Mr Al Mehairi.
The company's third-quarter net profit slid to Dh32m. Waha Capital also completed divesting its stake in Deem Finance during this period.