Waha Capital reports revenues of Dh 112.1 million for H1, 2012

posted on 02/08/2012: 748 views

Waha Capital PJSC (ADX: WAHA), an Abu Dhabi-based investment company, reported yesterday total revenues of Dh 112.1 million, compared with Dh 147.8 million during the same period in 2011.

Despite taking prudent provisioning during this period on legacy assets, the company recorded a net profit of Dh 3.5 million for the first half of 2012.

This conservative approach, in the midst of challenging market conditions, has placed Waha Capital in a stronger position and further reinforced its already strong balance sheet.

Waha Capital's balance sheet core investments, such as New York-listed aircraft leasing company AerCap Holdings N.V., oil and gas services firm Stanford Marine Group, as well as the company's financial advisory business continued to perform well against an uncertain global macroeconomic backdrop.

Total operating expenses in the first six months of 2012 were Dh 111.3 million, compared to Dh 111.4 million a year earlier. Total assets stood at Dh 4.2 billion, unchanged from the end of 2011.

Waha Capital's Board of Directors also agreed yesterday to appoint Chief Executive Officer Salem Al Noaimi to a new role as Managing Director, responsible for leading the company's strategy, as well as maintaining and building strong relationships with key stakeholders. – Emirates News Agency, WAM

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