Waha Capital reports Dhs155.31m net profits for full-year 2011

The full-year results compares to a net profit of Dhs249.09m in 2010, a record year for Waha Capital, which has posted positive earnings every year since 2002. The company recorded a net profit of Dhs92.95m during the fourth quarter of 2011, against Dhs172.35m for the same period last year, mainly due to a gain that was recorded for the transaction involving the acquisition of a stake in aircraft leasing firm AerCap.

The 2011 financial results were announced following a board meeting in Abu Dhabi chaired by His Excellency Hussain Jassem Al Nowais, Chairman of Waha Capital, and attended by the members of the Board and the executive management of the company.

Hussain Jassem Al Nowais, Chairman of Waha Capital, said, "These results demonstrate the continuing robustness of Waha Capital and underline our commitment to enhance the structure of the company so as to generate strong and sustainable returns to our shareholders in the future. I believe that we have taken some important strategic decisions that have started and will continue to bear fruit in the coming years."

Salem Rashid Al Noaimi, Chief Executive Officer of Waha Capital, said, "We have carefully managed our investments during difficult times for the global economy, and as a result, I am confident that Waha Capital can continue to progress with its growth plans. We are actively looking to invest in selected sectors where we believe we can add value and achieve attractive returns, while maintaining a prudent approach to financial management. We will continue to increase efficiency in the way we manage our assets, and further-develop our relationships with key stakeholders in Abu Dhabi, the region, and with partners in the wider investment community."

In 2011, Waha Capital successfully arranged a $505m revolving loan facility with 11 local and international banks. The facility is being used to support existing and future investments, including Waha Land's industrial real estate project ALMARKAZ in Abu Dhabi.

The value of Waha Capital's assets stood at Dhs4.23bn as of Dec. 31, 2011, up 11.4% from the previous year.

Key portfolio companies saw positive developments in 2011. For example, AerCap, in which Waha Capital has a 21.3 percent interest, strengthened its cash position through the sale of its AeroTurbine business, while committing to nearly $1bn of purchases of aviation assets for delivery in 2011. Stanford Marine Group, in which Waha Capital holds a 49% stake, continued to expand its fleet, adding another 6 vessels in 2011. Consumer finance company Dunia, in which Waha Capital has a 25% stake, moved into profit for the first time since its formation only a few years ago.

The first phase of ALMARKAZ, a quality industrial real estate project that was first announced in 2009 and which is operated and owned by Waha Land, is now nearing completion. The initial phase of the project comprises 90,000 m² of multi-purpose space aimed at providing businesses flexible and affordable facilities with state-of-the-art infrastructure. The units will be delivered to end users and real estate investors during the first half of 2012.