Waha Capital sees profits fall by 31%

Abu Dhabi-listed investment firm Waha Capital reported a full-year net profit of 407 million dirhams ($111 million) for 2016, a decline of nearly 31% compared with the previous year.

The fourth quarter of 2016 appears to have been especially challenging for the firm’s profitability. It banked just $19.5 million in net profits for the three-month period.

Despite the decline, company chairman Hussain Jasim Al Nowais struck a positive note.

“These results demonstrate the success of Waha Capital’s strategy of asset and income diversification, with the company continuing to deliver a strong return on equity despite the challenging global macro-economic environment,” he said in a statement.

Waha Capital owns stakes in companies including aircraft leasing firm AerCap Holdings and Stanford Marine Group, which supplies ships used in the oil and gas industry. It also operates an asset management division. The firm’s Waha CEMEEA Fixed Income Fund returned 20% last year while its Waha MENA Equity Fund returned 18%.

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