Waha Capital sees 26% higher profits in 9M-24

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Abu Dhabi – Waha Capital recorded net profits attributable to the owners valued at AED 282 million in the first nine months (9M) of 2024, an annual rise of 26% from AED 223 million.

Total income hiked by 33% year-on-year (YoY) to AED 905 million in 9M-24 from AED 679 million, according to the financial results.

The ADX-listed firm continued to harness its emerging markets expertise and superior research capabilities to navigate market volatility, delivering a return on average equity of 13.50%.

Financials for Q3-24

In the third quarter (Q3) of 2024, Waha Capital achieved net profits worth AED 78 million, up 44% from AED 54 million in Q3-23.

The total income jumped by 110% YoY to AED 376 million in Q3-24 from AED 179 million.

Mohamed Hussain Al Nowais Managing Director of Waha Capital, said: “The company’s growth in assets under management in 2024 has been driven by third-party capital commitments of $321 million, demonstrating global institutional investors’ confidence in our performance and investment strategies.”

During Q3-24, the company refinanced its revolving credit facility with the support of four regional banks. The new $400 million facility is extendable to $ 500 million and offers a maturity extension of up to two years.

As of 30 June 2024, the net profits attributable to the owners of Waha Capital climbed by 21% YoY to AED 204.67 million from AED 168.85 million.