ABU DHABI - Shareholders of Waha Capital, an Abu Dhabi-listed investment management company, approved a cash dividend of 10 fils per share at the company’s Annual General Meeting (AGM) on Tuesday. The dividend includes a 1.5 fils per share special dividend for the 2023 financial year.

In response to the company’s growth and strategic objectives and in accordance with relevant regulatory requirements, shareholders approved increasing the number of board seats from seven to nine at the AGM.

Additionally, shareholders also approved the appointment of Waha Capital’s Board of Directors. Waleed Al Mokarrab Al Muhairi, Ahmed Al Dhaheri, Nader Al Hammadi, Mohamed Hussain Al Nowais, Rasheed Al Omaira, and Homaid Al Shimmari, were all re-elected as members of the Board. Furthermore, three new members, Darwish Al Ketbi, Sanaa Al Ketbi, and Ahmad Al Qassimi, were elected to the Board.

At the meeting, shareholders also authorised the company to contribute up to 1% of 2023 net profit towards CSR initiatives.

Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said, “Despite economic challenges and market fluctuations, Waha Capital demonstrated its resilience last year, delivering robust financial results and strong operational performance. Based on this, the Board proposed a dividend of 10 fils per share for 2023, which shareholders approved at the AGM.”

Following the AGM, the Board met and re-appointed Waleed Al Mokarrab Al Muhairi as Chairman, Ahmed Al Dhaheri as Vice Chairman, and Mohamed Hussain Al Nowais as Managing Director.

Waha Capital reported a net profit of AED440 million in 2023, an increase of 28% from the previous year. Waha Investment, the company’s wholly-owned asset management subsidiary, continued to generate solid revenues, producing a net profit of AED639 million as its assets under management reached AED8.8 billion following substantial new third-party capital commitments.