UAE: Waha Capital’s profits to owners reach $60.62mln in 9M-23

UAE: Waha Capital’s profits to owners reach $60.62mln in 9M-23

Abu Dhabi – Waha Capital logged net profits attributable to the owners valued at AED 222.48 million in the first nine months (9M) of 2023, an annual surge of 19% from AED 186.96 million.

Net operating income hit AED 679.45 million in January-September 2023, up 54% year-on-year (YoY) from AED 440.54 million, according to the financial results.

Basic and diluted earnings per share (EPS) attributable to the shareholders increased to AED 0.11 in 9M-23 from AED 0.10 a year earlier.

Total assets amounted to AED 11.76 billion in 9M-23, versus AED 9.49 billion as of 31 December 2022.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, the DFM-listed company recorded a 46% YoY plunge in net profit to AED 53.63 million, compared to AED 99.68 million.

The revenues dropped by 18% to AED 179.11 million in Q3-23 from AED 216.54 million in Q3-22, while the basic and diluted EPS rose to AED 0.06 from AED 0.04.

Mohamed Hussain Al Nowais, Managing Director of Waha Capital, noted: “The company has achieved a return on average equity of 11% in 2023, despite the impact macroeconomic headwinds and heightened geopolitical risks have had on global markets.”

“Our asset management business’ exceptional track record has continued to attract major