Waha Capital reports Dhs29.7m net profit in first quarter

Waha Capital said its total revenues during the January-March period of 2008 grew 27.5% over the corresponding period in 2007 to Dhs128m. Operating profits jumped 19.3%, from Dhs23.6m in the first quarter of 2007 to Dhs28m. Operating Assets were valued at Dhs4.8bn at the end of March 31 this year, 10.6% higher than the corresponding period of 2007.

HE Hussein Jassim Al Nowais, Waha Capital's Chairman, said:

'The management has pursued a clearly defined growth strategy to ensure that Waha Capital builds a strong base that will enable new investments in multiple sectors. This is evident from the company's activities in the first quarter, which marked the beginning of a new era in which Waha Capital started a new phase of growth and expansion designed to strengthen revenues and shareholder value.'

Al Nowais stated that the company is currently studying projects and ventures with high profit potential in various sectors. 'Waha Capital is further strengthening its senior-level human resources, taking on board experienced specialists who can help enhance the company's competitive advantages. We are also pursuing our strategy of adding value to and capturing the investment opportunities in the UAE in general and in Abu Dhabi in particular.'

Waha Capital unveiled its new strategy for business growth and diversification in February 2008. The company announced at the time that its expected investments in diverse business sectors such as real estate development, leasing and maritime services will exceed Dhs20bn over the next three years.