Waha Capital shareholders approve dividend payment for 2021

The company reported a 69% surge in its annual profit last year on the back of higher revenue

Waha Capital’s total assets under management increased 14 per cent to Dh5.84 billion at the end 2021. Photo: Waha Capital
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Waha Capital shareholders approved the dividend payment for 2021 after the company posted a record profit last year.

A cash dividend of 7.55 fils a share and a stock dividend of 2.45 per cent for last year were approved at the company's annual general meeting on March 28, it said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

“Waha Capital continues to demonstrate strong financial and operating performance, which was reflected in the significant increase to our net profit for 2021,” Waleed Al Muhairi, chairman of Waha Capital, said.

Waha Capital, which counts Mubadala Investment Company among its shareholders, reported a 69 per cent increase in annual profit in 2021 to Dh391 million ($106m) as revenue from the sale of goods and services rose to Dh301.9m last year, from Dh301.5m in 2020. Income from financial investments and investment property also grew last year.

Waha's public markets business, which reached $1.2 billion of assets under management during 2021, recorded investment gains and fee income of Dh902m. Its net profit rose 88 per cent year-on-year to Dh603m.

The company’s real estate subsidiary, Waha Land, which owns and manages an integrated mixed-use industrial development, maintained 95 per cent occupancy in 2021. The unit's net profit increased by 52 per cent to Dh35m in 2021 from the previous year, it said.

Waha Capital’s total assets under management rose 14 per cent annually to Dh5.84bn as of December 31, 2021.

“Due to the ongoing challenges in the macroeconomic environment, we will remain prudent as we steer the company through the next phase of its development,” Mr Al Muhairi said.

“The board will continue to support Waha Capital’s growth strategy as it pursues investment opportunities that can deliver compelling long-term returns to our shareholders.”

Updated: March 29, 2022, 10:01 AM
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