Waha Capital reported a 30.6 per cent drop in third quarter profits, due to lower income from assets in its principle investments and private equity divisions.
The Abu Dhabi-listed investment firm said that net profit for the three months to the end of September fell to Dh81.8 million, compared with Dh117.9m for the same period last year.
For the first nine months of the year, profit from the firm’s principle investments division – which include its investments in aircraft leasing firm AerCap, Dunia Finance and Stanford Marine Services – fell 11.6 per cent to Dh406.1m.
Waha Capital said that profits at AerCap, in which it owns a 16.97 per cent stake, fell due to losses from its Aeroturbines business line.
Dunia Finance and Stanford Marine Group also posted lower profits, with both firms affected by “challenging operating environments”.
Losses for the company’s private equity division more than tripled to Dh62.8m for the nine month period.
“We are confident that the company has the expertise, financial strength and the strategy to continue delivering a very solid return on equity, and to take advantage of attractive investment opportunities,” said Waha Capital’s chairman Jasim Al Nowais in a statement.
Waha’s shares rose around half a per cent in early Thursday trading. The shares have fallen 14 per cent since the start of the year.
jeverington@thenational.ae
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