Waha Capital reports 21% increase in H1 net profit

Waha Capital PJSC achieved a 21% year-on-year increase in net profit attributable to shareholders of Dhs205 million in H1 2024.

In a press release on Friday, the company said that its capital’s net operating income increased by 6% to Dhs529 million in the first half of 2024.

This was driven by an increase in fee income, strong inflows of third-party capital into Waha Investment, and the robust performance of the Private Investments business.

The company is finalising the refinancing of its existing $500 million revolving credit facility, which will mature in mid-August 2024, as it prioritises prudent management of its balance sheet.

This refinancing will ensure Waha Capital is well-positioned to invest in emerging growth opportunities over the coming years.

Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said, “Despite challenging global macroeconomic conditions, Waha Capital demonstrated robust financial performance in the first half of 2024, achieving a return on average equity of 13.1%. The Waha Investment business continued its strong track record by securing AED691 million in new third-party capital, highlighting institutional investors’ confidence in our flagship funds.” He added that the Private Investments division has further strengthened the company’s balance sheet through successful value realisation across various assets. In addition, Waha Land continued to be a cornerstone of the company’s strategy, driving growth and providing a steady rental yield.