Waha Capital, which counts Mubadala Investment Company among its shareholders, reported a 32 per cent increase in first-quarter net profit, driven by its public markets and private investments businesses.
Profit attributable to the owners of the company for the first three months of the year jumped to Dh147 million ($40m) from the same period a year earlier, the company said in a filing to Abu Dhabi Securities Exchange, where its shares are traded.
The company said its "resilient" public markets business, which manages emerging markets credit and equity funds, reported investment gains and fee income of Dh224m in the first quarter.
The private investments business recorded a net profit of Dh30m in the three-month period, compared with Dh7m in the same period a year earlier. The Waha Land subsidiary, which owns and operates a light industrial real estate development in Abu Dhabi, generated a Dh10m net profit in the first quarter, with the property portfolio currently 95 per cent leased.
Total assets under management grew 8 per cent quarter-on-quarter to Dh6.3 billion.
"Although we may have reached the final phase of the pandemic, the global economy is now confronted by a series of new challenges; including inflation, rising interest rates, and heightened geopolitical uncertainty," said Ahmed Khalifa Al Mehairi, chief executive of Waha Capital.
In 2022, the company "will continue to pivot towards a highly focused growth strategy that provides ... shareholders with exposure to differentiated funds and asset classes. Our current focus is to develop a new suite of hedge fund strategies, enhance levels of third-party capital participation, and increase our allocation to off-market direct investment opportunities”, Mr Al Mehairi said.
Waha Capital reported a 69 per cent increase in annual profit in 2021, driven by "strong returns" from its emerging markets credit and equity funds businesses. Profit attributable to the owners of the company for the year jumped to Dh391m.