Waha Capital reports net profit of Dhs231m - GulfToday

Waha Capital reports net profit of Dhs231m


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Waha Capital, a leading investment company in Abu Dhabi (Waha), on Saturday announced a net profit of Dhs231 million for 2020, compared to a loss of Dhs616 million in 2019.

In a statement regarding its audited financial results for 2020, the company said that consolidated operating income amounted to Dhs662.2 million, compared to Dhs4.8 million the year before.

In the third quarter Waha Capital made an investment of $50 million in Despegar.com, a leading NYSE-listed company in the online travel sector in Latin America.

Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said: “It is a testament to the robustness of Waha Capital’s governance and risk management processes that the company was able to navigate the past year, with all its challenges, so successfully.”

“That we were also able to accomplish a change of leadership so seamlessly in the third quarter says much for the effective overall management of the business. The positive results we saw in 2020 are rooted in the implementation of a turnaround strategy that demonstrated commendable determination and resilience, such as going ahead with a number of ground-breaking investments and launching a new fund.”

Ahmed Khalifa Al Mehairi, Chief Executive Officer of Waha Capital, added: “The story of our performance in 2020 portrays the success of both verticals of the business - Public Markets and Private Investments - in pressing ahead with their strategies for the year despite the high volatility brought about by the pandemic.”

“On the investment side in particular our teams were able to generate excess returns ahead of industry benchmarks while taking advantage of attractive valuations that brought short term gains as well as ones likely to crystallise into longer term value for our investors. Our portfolio of Private Investments continued to implement turnaround strategies leading to a positive contribution from this business in 2020.”

According to the statement, the net operating income amounted to Dhs662m against Dhs5 million in 2019.

Total general and admin expenses were reduced by 15.8 per cent to Dhs217 million against Dhs258 million in 2019, while the total assets stood Dhs8.9 billion against Dhs9.3billion in 2019.

Waha Capital’s two flagship funds significantly outperformed industry benchmarks, despite market turbulence as a result of the ongoing pandemic.

The Waha CEEMEA Credit Fund SP achieved a return of 14.9 per cent in 2020, representing 235 per cent growth since launch in 2012.

Waha Mena Equity Fund SP generated a total return of 14.3 per cent in 2020, achieving a cumulative increase of 226 per cent in value since its inception in 2014.

Hamriyah Free Zone: The Hamriyah Free Zone Authority (HFZA) has confirmed its participation in the 26th edition of the Gulfood 2021 Exhibition, which will be held at Dubai World Trade Centre from Feb.21 to 25.

During Gulfood 2021, the Free Zone Authority will highlight the numerous incentives and benefits provided to investors and companies, and its pivotal role in supporting the food trade and industry in the UAE, as well as its being a prominent destination to introduce the world’s top food and beverage companies to the emerging opportunities available in local and regional markets.

During its participation, HFZA will also promote its pioneering project, the Sharjah Food Park, which is the first and largest integrated facility dedicated to the food industry, both in the country and the region. Extending over an area of 11 million square feet, Sharjah Food Park is home to some 1700 companies operating in food manufacturing, preservation, packaging, re-packaging, import and export to markets around the globe.

Starting from 2,500 square meters, Sharjah Food Park offers investors and companies both space to operate their businesses, as well as all food licenses, with state-of-the-art logistics, sophisticated warehouses and modern office spaces.

Commenting on the participation in Gulfood 2021, Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority, noted, “Gulfood Exhibition is the most important forum in which industry leaders come together to discuss the latest innovations in the food industry and how to cope with the current developments and changes in this sector.


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