Al Waha Capital net profit of AED 231 million in 2020

Waha Capital reported that it achieved net profits of 231 million dirhams in 2020, compared to recording a loss of 616.3 million dirhams in 2019. The value of consolidated operating income was 662.2 million dirhams, compared to 4.8 million dirhams in the previous year.

The company confirmed, in a statement yesterday, that this noticeable improvement in performance comes despite the volatile economic conditions that faced the world throughout the year.

Total general and administrative expenses decreased by 15.8% to 217 million dirhams, compared to 258 million dirhams.

The total value of assets reached 8.9 billion dirhams, compared to 9.3 billion dirhams.

Asset Management achieved profits of 321.4 million dirhams, compared with 391.2 million dirhams, during the comparison period.

The company proposed dividends of 0.06 dirhams per share, equivalent to 48% of the total profits, while no dividends were distributed in 2019.

Walid Al-Muqarrab Al-Muhairi, Chairman of the Board of Directors of Waha Capital, said: “During the year 2020, the world faced great challenges that affected many sectors and businesses, yet we at (Waha Capital) were able to withstand and pass them successfully.

This is thanks to a number of measures taken by the company, represented by the smooth change that took place at the level of the company's top management in the third quarter of the year, the adoption of a rigorous and flexible transformation strategy, the making of a number of pioneering investments, and the launch of a new investment fund.

As a result, the company was able to achieve these positive results, which we witnessed in 2020. ”

The CEO of Waha Capital, Ahmed Khalifa Al Muhairi, added: "Despite the unexpected disruptions caused by the epidemic, the commitment of the public markets and private investment units of the company to implement their strategies for this year has had the greatest impact on achieving success."

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