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2011 Jul 28

Waha Capital posts AED 35.8 million net profit in H1 2011

Abu Dhabi, 28th July 2011: Waha Capital, the diversified Abu Dhabi-based ADX-listed company today announced its financial results for the first half of 2011. Total income for the six months ended 30th June 2011 stood at AED 147.8 million. Net profits were AED 35.8 million for the period ended 30th June this year. The results were released following the company’s board meeting today.

Waha Capital's report sent to Abu Dhabi Securities Exchange (ADX) has shown that the company's net profit for the 2nd quarter of the year AED 6 million as compared to AED 5.98 million in 2010. Total income for the same period also reached AED 64.3 million compared to AED 96.5 million in the previous year.

Company’s assets increased to AED 3.87 billion by 30th June 2011, posting a 2 percent growth during the year from AED 3.80 billion at the end of 31st Dec. 2010.

Salem Rashid Al Noaimi, Waha Capital’s CEO, highlighted the Company’s firm belief in a long-term and well-defined investment policy aimed at diversifying sources of income while meticulously considering emerging business opportunities, especially in the UAE.

In Q2, Waha Capital successfully closed a US$ 505 Million Term and Revolving Credit Facility with eleven local, regional and international banks. Furthermore, the company continued work on its multi-use industrial complex ALMARKAZ established on an area of 6sqkm and is located 25km away from Abu Dhabi city center. The project includes a fully integrated compound of warehouses, storage and light industrial facilities.

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