Waha Capital reports Q1 2023 net profit of AED 148mln on sustained outperformance by its capital markets funds

Waha Capital reports Q1 2023 net profit of AED 148mln on sustained outperformance by its capital markets funds

Key highlights

- Private Investments business records net loss of AED 23 million, due to unrealised revaluation losses on portfolio assets

- Waha Land reports AED 8 million in net profit

Abu Dhabi: Waha Capital PJSC, an Abu Dhabi-listed investment management company (ADX: WAHA), reported net profit of AED 148 million for Q1 2023, equating to a return on equity of 8.1%. This strong performance was driven by the exceptional returns delivered by credit and equity funds in its Public Markets business.

The company recorded total revenue of AED 242 million in the first quarter, compared to AED 278 million a year earlier. Total expenses increased 32% year-on-year to AED 62 million, while a higher interest rate environment led to finance costs increasing to AED 32 million from AED 26 million in Q1 2022.

Waha Investment (previously referred to as Public Markets) which actively manages emerging markets credit and equity funds, reported net investment returns of AED 238 million and net profit of AED 226 million for the first three months of 2023. The Private Investments business, which pursues a multi-asset investment approach across different sectors and geographies, recorded net investment returns of AED 18 million but net loss of AED 23 million, due to