Waha Capital’s profits cut in half by reassessment

Profits at UAE-based investment firm Waha Capital roughly halved year-on-year in the first quarter after the firm reassessed the value of a key asset.

The company reported net profits attributable to the company’s owners of 87.6 million dirhams ($24 million) for the first three months of this year, compared with 176 million dirhams in the first quarter of 2016.

The results follow a “conservative reassessment of Aercap’s recoverable amount”. Aercap is a New York-listed aircraft leasing company in which Waha Capital owns nearly 16%.

Waha Capital also owns stakes in developer Waha Land, industrial firm NPS Holdings and finance company Dunia Group, among others. Separately, the company has made a number of investments through its MENA Infrastructure Fund, a private equity vehicle with a total equity commitment worth $300 million.

“Waha Capital now now offers its investment expertise to third-party investors and its funds have continued to outperform their benchmarks,” said Salem Rashid Al Noaimi, chief executive, in a statement.

©2017 funds global mena

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