2023-05-12 11:08:09
Friday, May 12, 2023 – 3:06 PM
ABU DHABI, May 12th, 2023 (WAM) — Waha Capital, the investment management company listed on the Abu Dhabi Stock Exchange, announced that it achieved a net profit of 148 million dirhams during the first quarter of 2023, which is equivalent to a return on equity of 8.1%. This strong performance was driven by exceptional returns in the credit and equity funds of the Public Markets unit.
The company achieved total revenues during the first quarter of 2023 of 242 million dirhams, compared to 278 million dirhams during the previous year, while its total expenses increased by 32% on an annual basis to 62 million dirhams, and the high interest rates increased financing costs to 32 million. dirhams, up from 26 million dirhams during the first quarter of 2022.
Al Waha Investment Company, the former Public Markets unit, which is active in managing a number of equity and credit funds in emerging markets, achieved net investment returns of 238 million dirhams and net profits of 226 million dirhams during the first three months of 2023.
The Private Investments unit, which follows a multi-asset investment approach across a variety of sectors, regions and markets, recorded net investment returns of AED 18 million and net losses of AED 23 million, due to fair value valuation losses on a number of its assets.
As for Oasis Land, it achieved net investment returns of 12 million dirhams and net profits of 8 million dirhams. The total value of assets under management of Waha Capital settled at 8.6 billion dirhams by the end of March 31, 2023.
Ahmed Khalifa Al Mansouri, Chief Operating Officer of Waha Capital, said: “The financial results of Waha Capital during the first quarter of 2023 showed its strong performance since the beginning of this year, and also highlighted its ability to achieve attractive returns despite the continued uncertainty in the global macroeconomic landscape. Our portfolio of assets under management recorded significant growth, increasing its value to 8.6 billion dirhams during the first quarter of 2023, compared to 6.5 billion dirhams at the end of last year, and this impressive growth is due to the increasing confidence of investors in our ability to achieve attractive returns, despite the unfavorable conditions in international markets.
Al Mansouri added: “The credit and equity funds managed by the Public Markets unit continued their continued success and exceptional performance, recording strong returns for the company and our third-party investors. During the first quarter of 2023, the company succeeded in attracting large capital inflows to our funds and managed investment accounts, which is a strong witness Major institutional investors are confident in our investment strategies and solutions.Our assets under management for third parties have crossed the AED 3.9 billion threshold, providing us with a strong platform to continue to expand our product portfolio and further increase our fee income.While challenges remain in However, the fundamentals of our private investment portfolio remain strong, and we are confident that the expertise and competencies of our team will enhance Waha Capital’s ability to continue to generate significant long-term value for our shareholders.”
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