Abu Dhabi-based investment manager Waha Capital has reduced its losses for the year so far after posting a profit in its Q2 results.
On the back of an increase in operating income, net profit between April and June reached $72.70 million compared to a $33.76 million loss for the same period in 2019.
While Waha Capital is still at a loss for the year so far, reporting a net loss of $7.4 million, it is a reduction on the $49.62 million loss for the first half of 2019.
Chief executive Amr Al Menhali hailed the results as “a remarkable achievement” in a statement to the Abu Dhabi Securities Exchange, where the company is listed. Highlighting the challenge of the current economic conditions, he singled out the company’s asset management arm for praise after it made a profit of $81.68 million, compared to $23.8 million in Q2 of 2019.
“Once again our asset management division was able to outperform its peer group and to position our portfolio to meet whatever challenges may arise and our private investments division moved back into profit,” said Al Menhali.
The results come just over a year after Waha Capital made a number of changes to its executive, including the appointment of Al Menhali as chief executive back in July 2019.
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