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147248
Sun, 10/24/2010 - 14:59
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https://oananews.org//node/147248
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Waha Capital 2010 year-to-date net profit jumps 239% to reach Dh77 million
Abu Dhabi, Oct 24, 2010 (WAM)- Waha Capital, the Abu Dhabi-based diversified investment holding company listed on the Abu Dhabi Securities Exchange, yesterday announced net profit of Dh77 million for the first nine months of 2010, a jump of more than 239% over the same period last year.
Net operating profits for the nine-month period ending September 30, 2010 stood at Dh78 million, while total assets increased 8.4% to reach Dh4.6 billion. Total revenues for the nine-month period were Dh312 million compared to Dh353 million for the same period in 2009.
Revenue for the third quarter of 2010 was Dh105.4 million, compared with Dh104.9 million in the similar year-earlier period, while net profit for the third quarter was Dh37 million, versus Dh2 million in the equivalent period in 2009. The results were announced following a board meeting in Abu Dhabi chaired by Hussein Jassim Al Nowais, Chairman of Waha Capital. The meeting was attended by members of the board and executive management of the company.
Salem Rashid Al Noaimi, CEO of Waha Capital, said, "The surge in net profit reflects our financial robustness despite a challenging global economic environment and the prudent yet dynamic investment strategy we have followed. Over the past few years, Waha Capital has followed a path of strategic diversification that has enhanced revenue streams and brought exceptional growth. This diversification has brought significant long-term value for our stakeholders." In addition to a wide range of ongoing activities across its core sectors of financial services, leasing, maritime, oil and gas, and real estate development, Waha Capital registered several transactions of note during the third quarter of 2010, included arranging a US$1.5 billion bond to finance aircraft for the UAE Armed Forces and delivering two new Airbus A330-300 aircraft to Singapore Airlines on long-term leases.
Its aircraft leasing subsidiary Waha Leasing is seeking to grow its global footprint mainly through partnerships and organic growth. Waha Capital's maritime investment subsidiary Waha Maritime is looking to develop its platform with an emphasis on improving its fleet profile among other things and expanding beyond the GCC, while Waha Financial Services remains focused on developing its presence within the financial services space by developing its capabilities. Another subsidiary, Waha Land, is focused on developing its flagship project, Al Markaz industrial complex. – Emirates News Agency, WAM
Net operating profits for the nine-month period ending September 30, 2010 stood at Dh78 million, while total assets increased 8.4% to reach Dh4.6 billion. Total revenues for the nine-month period were Dh312 million compared to Dh353 million for the same period in 2009.
Revenue for the third quarter of 2010 was Dh105.4 million, compared with Dh104.9 million in the similar year-earlier period, while net profit for the third quarter was Dh37 million, versus Dh2 million in the equivalent period in 2009. The results were announced following a board meeting in Abu Dhabi chaired by Hussein Jassim Al Nowais, Chairman of Waha Capital. The meeting was attended by members of the board and executive management of the company.
Salem Rashid Al Noaimi, CEO of Waha Capital, said, "The surge in net profit reflects our financial robustness despite a challenging global economic environment and the prudent yet dynamic investment strategy we have followed. Over the past few years, Waha Capital has followed a path of strategic diversification that has enhanced revenue streams and brought exceptional growth. This diversification has brought significant long-term value for our stakeholders." In addition to a wide range of ongoing activities across its core sectors of financial services, leasing, maritime, oil and gas, and real estate development, Waha Capital registered several transactions of note during the third quarter of 2010, included arranging a US$1.5 billion bond to finance aircraft for the UAE Armed Forces and delivering two new Airbus A330-300 aircraft to Singapore Airlines on long-term leases.
Its aircraft leasing subsidiary Waha Leasing is seeking to grow its global footprint mainly through partnerships and organic growth. Waha Capital's maritime investment subsidiary Waha Maritime is looking to develop its platform with an emphasis on improving its fleet profile among other things and expanding beyond the GCC, while Waha Financial Services remains focused on developing its presence within the financial services space by developing its capabilities. Another subsidiary, Waha Land, is focused on developing its flagship project, Al Markaz industrial complex. – Emirates News Agency, WAM
