- The Company reported a net profit of AED231 million for 2020, against a loss of AED616 million in 2019
- Board re-appointed with Waleed Al Mokarrab Al Muhairi re-elected Chairman
Abu Dhabi, 24 March 2021 – Shareholders of Waha Capital PJSC (ADX: WAHA), a leading investment company in Abu Dhabi, approved a cash dividend of 6 fils per share, equivalent to 6 percent of its paid-up capital, at the Company’s annual general meeting (AGM), which was held virtually on 24 March 2021.
At the AGM and in line with relevant regulatory requirements, shareholders also approved the appointment of the members of the board of directors for Waha Capital (the Board). Each of Mr. Waleed Mokarrab Al Muhairi, Mr. Ahmed Al Dhaheri, Mr. Nader Al Hammadi, Mr. Rashed Al Ketbi, Mr. Mohamed Al Nowais and Mr. Rasheed Al Omaira were re-elected as members of the Board, with Mr. Homaid Al Shimmari also elected to the Board in replacement for Mr. Carlos Obeid who did not stand for re-election.
Immediately following the AGM, the Board met and re-appointed Mr. Waleed Mokarrab Al Muhairi as Chairman of the Board and Mr. Ahmed Al Dhaheri as Vice Chairman of the Board.
Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, commented: “Last year will undoubtedly be remembered for the challenges posed to the company by the COVID-19 pandemic. However, due to an effective turnaround strategy, Waha Capital returned to profit in 2020, led by the significantly improved performance of its Private Investments business and a strong contribution from its Public Markets division. The year-end returns generated by both the credit and equity funds were particularly noteworthy, and well ahead of industry benchmarks.”
Waha Capital’s Public Markets business reported a profit of AED 321.4 million with the CEEMA Credit Fund and MENA Equity Fund returning 14.9% and 14.1% respectively for 2020. The Private Investments business contributed net profits of AED 40 million, against a loss of AED 835.4 million in 2019. The company had total assets of AED 8.9 billion as at 31 December 2020, compared to AED 9.3 billion in 2019.
Waleed Al Mokarrab Al Muhairi added: “I would like to thank Mr. Carlos Obeid for his valuable contribution to Waha Capital over many years, and welcome Mr. Homaid Al Shimmari onto the Board. As we transition towards a post-COVID environment, the Board will continue to support Waha Capital take advantage of opportunities that will undoubtedly exist amidst a global macroeconomic recovery.”