“Profits for Waha Capital Increase to AED 204.5 Million in First Half of 2024”
Abu Dhabi, United Arab Emirates – In a recent financial report, Waha Capital announced a notable increase in net profits for the first half of 2024. The net profits attributable to the owners of Waha Capital reached AED 204.67 million, marking a significant 21% rise from AED 168.85 million in the same period last year.
Furthermore, the company reported a net operating income of AED 529.26 million in the first half of 2024, showing a 6% year-on-year increase from AED 500.34 million. This positive performance demonstrates Waha Capital’s strong financial position and stability in the market.
The basic and diluted earnings per share (EPS) also experienced growth, reaching AED 0.11 as of June 30, 2024, compared to AED 0.09 in the first half of 2023. This improvement in earnings per share reflects the company’s ability to generate value for its shareholders and investors.
However, the second quarter of 2024 presented some challenges for Waha Capital, as the company’s profits saw a significant decline of 60% year-on-year, dropping to AED 38.28 million from AED 93.90 million in the same period last year. Similarly, the total income for the second quarter fell by 57% year-on-year to AED 110.97 million from AED 258.58 million.
Despite the decrease in profits in the second quarter, Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, remains optimistic about the company’s performance. Al Muhairi stated, “Despite challenging global macroeconomic conditions, Waha Capital demonstrated robust financial performance in the first half of 2024, achieving a return on average equity of 13.10%.”
Al Muhairi also highlighted the success of the Waha Investment business, which secured AED 691 million in new third-party capital in the first half of 2024. This achievement indicates institutional investors’ confidence in Waha Capital’s flagship funds and overall investment strategy.
Moreover, in the first quarter of 2024, Waha Capital recorded a significant surge in net profits, reaching AED 281 million, which represented a 90% year-on-year increase from AED 148 million. This positive growth trend in net profits demonstrates the company’s resilience and ability to navigate challenging market conditions effectively.
Overall, Waha Capital’s financial results for the first half of 2024 showcase the company’s commitment to delivering value to its shareholders and maintaining a strong position in the market. Despite the challenges faced in the second quarter, the company’s long-term growth prospects remain promising, supported by its solid financial performance and strategic investments.
In conclusion, Waha Capital’s positive financial results in the first half of 2024 reflect its resilience and ability to adapt to changing market conditions. With a focus on sustainable growth and value creation, the company continues to position itself as a leading player in the investment and financial services industry.
