Waha Capital said first-quarter profit rose 23 per cent on strong performance of the company’s asset management division and a gain on disposal of shares in US-listed aircraft lessor AerCap Holdings.
The investment firm which counts Mubadala Investment Company as a shareholder, said net profit for the three months ending March 31, rose to Dh107 million from the year earlier period, according to a regulatory filing with the Abu Dhabi Securities Exchange, where its shares are listed.
Total income for the quarter increased 18.9 per cent year-on-year to Dh316.2m, largely due to a rise in income by Waha Capital’s Mena Equity and CEEMEA Fixed Income Fund and an increase in assets under management.
"The first quarter results show the strength of our business, with our asset management division providing robust growth, to compliment a steady performance by our principal investments portfolio," said Salem Al Noaimi, chairman of Waha Capital.
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Total expenses decreased 5.3 per cent to Dh160m in the quarter, Waha Capital said, and it detailed a one-off Dh25m gain from the sale of 3.77m shares in Aercap. Waha Capital retains a 15.68 per cent stake in the world’s largest aircraft leasing firm.
The company approved a 17.5 per cent cash dividend of Dh321.7m, or Dh0.175 per share, at its annual general meeting on March 25.
In the last year, Waha Capital has diversified its assets, and the company is actively pursuing further investment opportunities, Mr Al Noaimi said.
“Meanwhile, we continue to steadily increase fee income by attracting third-party investors to our actively managed funds, which have consistently outperformed their benchmarks,” he added.
The firm’s Waha Mena Equity Fund recorded a 10.8 per cent return in the first quarter and the Waha CEEMEA Fixed Income Fund registered a return of 4.1 per cent.
Waha Capital’s total assets rose to Dh11.53 billion at the end of the first quarter from Dh11.35bn at the end of last year.
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More Expo 2020 Dubai pavilions:
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
PREMIER LEAGUE RESULTS
Bournemouth 1 Manchester City 2
Watford 0 Brighton and Hove Albion 0
Newcastle United 3 West Ham United 0
Huddersfield Town 0 Southampton 0
Crystal Palace 0 Swansea City 2
Manchester United 2 Leicester City 0
West Bromwich Albion 1 Stoke City 1
Chelsea 2 Everton 0
Tottenham Hotspur 1 Burnley 1
Liverpool 4 Arsenal 0
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Williams at Wimbledon
Venus Williams - 5 titles (2000, 2001, 2005, 2007 and 2008)
Serena Williams - 7 titles (2002, 2003, 2009, 2010, 2012, 2015 and 2016)
