Home » Waha Capital reports net profit of AED 407mn for the first nine months of 2023

Waha Capital reports net profit of AED 407mn for the first nine months of 2023

by Dubaiforum

ABU DHABI, 2nd November, 2023 (WAM) – Waha Capital PJSC (Waha Capital), an Abu Dhabi-listed investment management company (ADX: WAHA), reported net profit of AED 407 million for the first nine months of 2023, a 57% year-on-year increase, as its public funds outperformed their respective benchmarks and attracted significant inward investment.

The company recorded total operating income of AED 679 million in the nine-month period, an increase of 54% from AED 441 million a year earlier. The solid income growth was driven by the strong performance of Waha Investment, a wholly-owned asset management subsidiary, as its emerging markets funds continued to deliver attractive returns and increase fee income.

For the third quarter, Waha Capital reported net profit of AED 89 million, compared to AED 160 million a year earlier. Quarterly operating income was AED 179 million, compared to AED 217 million in the third quarter of 2022, reflecting volatility in global credit and equity markets driven by heightened macroeconomic uncertainty.

Meanwhile, the company continued to prudently manage costs, with third-quarter operating expenses remaining steady year-on-year at AED 58 million. Finance costs increased in line with higher benchmark interest rates.

Waha Capital’s total assets under management stood at AED 9.8 billion as of 30 September 2023, compared to AED 6.5 billion a year earlier.

Tariq Al Fahaam

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