Waha's nine-month profit rockets more than 239%

Abu Dhabi-based diversified investment holding company Waha Capital said yesterday its net profit for the fiscal third quarter rose to Dh37 million from Dh2 million in the corresponding period a year earlier.

Revenue for the third quarter of 2010 was Dh105.4 million, compared with Dh104.9 million in the similar year-earlier period, Waha Capital said in a statement.

The company said its net profit surged to Dh77 million for the first nine months this year, a jump of more than 239 per cent over the same period last year.

Total assets in the first nine months this year increased 8.4 per cent on year to reach Dh4.6 billion. Waha Capital's total revenue for the nine-month period was Dh312 million compared to Dh353 million for the same period in 2009.

Commenting on the results, Salem Rashid Al Nuaimi, Waha Capital's chief executive officer 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."

Waha Capital registered several transactions of note during the third quarter of 2010, included arranging a $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.