Abu Dhabi – Mubasher: The net profits attributable to the owners of Waha Capital dropped by 52% to AED 74.95 million in the first quarter (Q1) of 2023 from AED 146.62 million in Q1-22.
The net operating income hit AED 241.75 million in Q1-23, lower by 14% year-on-year (YoY) than AED 278.22 million, according to the consolidated financial results.
Basic and diluted earnings per share (EPS) attributable to the shareholders amounted to AED 0.04 during the first three months (3M) of 2023, down from AED 0.07 in the year-ago period.
Total assets reached AED 10.01 billion during Q1-23, up from AED 9.49 billion as of 31 December 2022.
On a quarterly basis, the Q1-23 registered net profits retreated by 49% from AED 147 million in Q4-22, while the total income declined by 13% from AED 278 million.
Ahmed Khalifa Al Mansoori, Chief Operating Officer (COO) of Waha Capital, said: “Our assets under management (AUM) have grown significantly, reaching AED 8.60 billion as of Q1-23, up from AED 6.50 billion at the end of 2022.”
“Our public markets’ credit and equity funds have once again delivered exceptional performance, generating robust returns for the company and our third-party investors,” Al Mansoori added.
He noted: “During Q1, we recorded significant capital inflows to our funds and managed accounts, a testament to the confidence that major institutional investors have in our offering.”
“With third-party assets under management now exceeding AED 3.90 billion, we have a solid foundation to expand our product range and increase our fee income,” the COO highlighted.
The official concluded: “Despite the challenging operating environment, our Private Investments portfolio is based on resilient fundamentals, and we are confident that the team’s experience and expertise will continue to deliver long-term value to our stakeholders.”
In the 12-month period that ended on 31 December 2022, the ADX-listed firm posted 12% YoY lower net profits attributable to the equityholders at AED 344.37 million, versus AED 391.03 million.
