News

Waha Capital reports $38.5m profit for 2018

ProfitAbu Dhabi-based investment manager Waha Capital has posted $38.5 million (AED145 million) preliminary net profit for 2018. The firm generated total income of $224.15 million during the year, down from the 2017 figure of $326.75 million. Meanwhile total assets rose slightly from $3.10 billion to $3.19 billion. Following the publication of the results, the Waha board recommended a dividend of $0.020 per share, subject to shareholder approval. Waha’s financial report highlighted two transactions made during the year which it claims “diversified and enhanced the liquidity of its assets”. Firstly the firm acquired a stake in oilfield services firm Petronash for $88 million. It also divested its stake in UAE-based National Petroleum Services to Nasdaq-listed National Energy Services United (NESR), using the freed up capital to buy a stake in NESR. Commenting on the results, Waha Capital chief executive Michael Raynes said: “Against a difficult economic and capital markets backdrop, the team at Waha Capital is working hard to ensure that the company remains resilient, and is well positioned to deliver growth in the coming years.” ©2019 funds global mena

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