- Waha Capital PJSC saw a 21% rise in net profit attributable to shareholders, reaching AED 205 million for H1 2024.
- The company achieved a 6% increase in net operating income, totalling to AED 529 million, driven by higher fee income.
- Waha Capital is set to refinance its US$500 million revolving credit facility. This will enhance its balance sheet management and enable it to pursue future growth opportunities.
- Chairman Waleed Al Mokarrab Al Muhairi highlighted a 13.1% return on average equity and strong institutional investor confidence. There is AED 691 million in new third-party capital for Waha Investment.
Waha Capital PJSC reported a remarkable 21% increase in net profit attributable to shareholders, reaching AED 205 million for the first half of 2024. This solid performance underscores the company’s strategic financial management and operational efficiency.
In a press release issued on Friday, Waha Capital revealed a 6% rise in net operating income, which reached AED 529 million in H1 2024. This growth was fueled by an uptick in fee income, substantial inflows of third-party capital into Waha Investment, and the robust performance of its Private Investments sector.
Refinancing and Strategic Investments
The company is currently finalizing the refinancing of its US$500 million revolving credit facility, set to mature in mid-August 2024. This refinancing is a key move in Waha Capital’s strategy to maintain prudent balance sheet management. It will position the company to seize emerging growth opportunities in the years ahead.
Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, commented on the company’s performance despite the challenging global macroeconomic environment.
He highlighted a 13.1% return on average equity and emphasized the strong track record of Waha Investment. The division secured AED 691 million in new third-party capital, reflecting institutional investors’ trust in the company’s flagship funds.
Strengthening Through Private Investments
Al Muhairi also noted that the Private Investments division has bolstered the company’s balance sheet through successful asset value realization. Waha Land has remained a strategic cornerstone, contributing to growth and providing consistent rental yield.
Managing Director’s Perspective
Mohamed Hussain Al Nowais, Managing Director of Waha Capital, praised the company’s strategic value and resilience demonstrated in its first-half earnings.
He attributed the gains to increased third-party capital commitments in flagship funds and substantial mark-to-market gains in the Private Investments business. These factors validate the effectiveness of Waha Capital’s diversified capital allocation strategy and rigorous risk management approach.
Waha Capital’s impressive results and strategic moves position it well for future growth and continued success in a dynamic economic landscape.
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