Waha Capital reported that it achieved a record income level of 571 million dirhams in the second quarter of this year. Net profit (attributable to the owners of the company) was AED 267.2 million, compared to a net loss of 124.4 million dirhams in the second quarter of 2019.
The company stressed in a statement yesterday that, despite the difficult economic landscape, due to the continuation of the Corona virus (Covid-19) pandemic, the company recorded a performance that is the strongest among the quarterly performance results, which contributes strongly to the results of the company for the rest of the year in general. This follows major changes in the company's senior management in 2019. The asset management unit continued to deliver returns above market rates, while the private investment unit was able to significantly improve its investment position compared to the previous period.
The Asset Management Unit has completed the establishment of a new fund that complies with the provisions of Islamic Sharia and is expected to be launched in the early second half of this year.
The private investment portfolio recorded a strong contribution to the Group's profits by 33.5 million dirhams (compared to a loss of 352 million dirhams for the first half of 2019), and the total reserve in the value amounted to 10 million dirhams, compared to 109.3 million dirhams.
"Despite the size of the general economic and social impacts of the (Covid-19) pandemic, with these results we were able to be at the confidence of investors and their belief in us," said Walid Al Muqrab, Chairman of Waha Capital. These results have proven that we are not only seeking to increase incomes in good times, but we are also keen to protect our investments in difficult times. ”