Waha Capital, an Abu Dhabi-based investment firm in which Mubadala Investment Company has a 15 per cent stake, posted a 3.5 per cent increase in the third quarter net profit, boosted by higher income from its capital markets funds.
Net profit, attributable to equity holders in the three months ending September 30, reached Dh84.7 million, up from Dh 81.8m in a year earlier, the company said in a statement.
Total income rose 6.6 per cent to Dh266.5m from Dh250m a year earlier.
Income from financial investments, which include its holdings in capital markets funds, soared 80.3 per cent to Dh93.2m from Dh51.7m a year earlier. The Waha MENA Equity Fund had a total return of 15 per cent in the first nine months of this year, while the Waha CEEMEA Fixed Income Fund had a return of 12.9 per cent during the same period.
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“Assets under management have grown considerably in the last year, as we have attracted third-party investors and deployed more of our own capital, in-line with our strategy to diversify our assets and revenue streams,” said chief executive Salem Al Noaimi. “Our focus is to continue to build our private equity, capital markets and private debt businesses, while ensuring that we create further value across our principal investments portfolio.”
The company’s assets grew by 9 per cent to Dh10.91 billion at the end of September, compared with Dh10bn at the end of December last year.
Waha said income contribution from its US$55m acquisition of a minority stake in the Dubai-based credit service provider Channel VAS will begin in the fourth quarter of 2917.
Channel VAS, founded in 2012 by the entrepreneur Bassim Haidar, provides airtime credit services for mobile telecoms operators in more than 25 emerging markets, enabling micro payments and loans to in excess of 500 million mobile subscribers .