UAE investment firm Waha Capital’s Q4 net profit drops 45% to $26mln

UAE investment firm Waha Capital’s Q4 net profit drops 45% to $26mln

Waha Capital PJSC, an Abu Dhabi-listed investment management company, said its fourth quarter 2021 net profit fell 45 percent to 94 million dirhams ($26 million), compared to a net profit of 172 million dirhams in 2020.

For the full year it reported a 69 percent jump in net profit to 391 million dirhams, compared to a net profit of 231 million dirhams in 2020, "driven by strong returns from its emerging markets credit and equity funds."

Its public markets business recorded investment gains and fee income of 902 million dirhams and a net profit of 603 million dirhams for the year, Waha Capital said in a statement on Tuesday.

Its private investments business recorded a net loss of 86 million dirhams due to impairments and mark-to-market losses on certain legacy investments, the company said.

The asset manager, whose total AUM stood at 5.84 billion dirhams as of 31 December 2021, was included in the UAE and global small-cap indices by index provider MSCI, last year. It counts Mabadala Investment Co. as an anchor shareholder.

Waha Land’s industrial real estate assets generated a profit of 35 million dirhams.

Waha’s board of directors has recommended a cash dividend of 7.55 fils per share, and transfer of 2.45 treasury