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Waha Capital reported a 10.2% increase in net income to $ 295.1 million in the first nine months of 2018, driven largely by the performance of its private equity unit.
The company's investment unit posted a net profit of AED 309.2 million for the nine months, recording an increase of 16.9% over the previous year. The unit benefited from strong continuing revenues from its stake in Emirates Holdings Inc., a company listed on the New York Stock Exchange, as well as AED 64.1 million in revenues from the sale of 6.68 million shares of its stake in ERCAP after the expiry of one of the hedging and financing agreements.
The asset management unit of Waha Capital, which manages bond funds and equity funds in emerging markets, posted a net profit of AED 138.8 million for the nine months. Although they have consistently surpassed key indicators for many years, these funds were hit in the third quarter by global capital market fluctuations.
Commenting on the results, Salem Rashid Al Nuaimi, Chairman of Waha Capital, said: "Waha Capital continues its previous track record of profitability, offering further strong equity returns, taking advantage of its long-term diversification strategy despite the economic conditions. for the year, the volatility of global capital markets We are confident that the company is well positioned to grow, thanks to the Private Investment Unit team, which is creating opportunities to continuously expand our portfolio, as well as our unit asset management company, which is trying to attract third party investors to our funds.
Michael Reinz, CEO of Waha Capital, said: "The Private Equity Unit has been able to follow growth by reaching an investment strategy in companies with high potential in areas where we have considerable experience, such as energy, financial technology and financial services Our recent acquisition of Petronash, an innovative oil and gas field service provider, is in line with this target approach and we will always look for other similar opportunities, while at the same time, the asset management industry has We have achieved a record of results over the last few years and we are gaining more experience in marketing our funds.With its solid balance sheet, liquidity and cash flow, Waha Capital is able to face difficult conditions and continue to offer attractive returns on the market ".