The General Assembly of Waha Capital approves a 6% dividend distribution for 2020
The company managed to return to profit in 2020. Archives
Walid Al-Muqarrab Al-Muhairi: “Despite the challenges of the (Covid-19) epidemic, the company was able to return to making profits in 2020.”
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Shareholders of the "Waha Capital" investment company agreed, during the annual general assembly meeting, which was held the day before yesterday, to distribute cash dividends by six fils per share, equivalent to 6% of the paid-up capital, for last year.
The «Waha Capital», which is based in Abu Dhabi, recorded a net profit of 231 million dirhams for the year 2020, compared to a loss of 616 million dirhams in 2019.
The company stated in a statement yesterday that during the meeting of the General Assembly and in line with the relevant legal requirements, the shareholders in attendance agreed to appoint the members of the new Board of Directors of “Waha Capital” (the Board). .
Nader Al Hammadi, Rashed Al Ketbi, Muhammad Al Nowais and Rashid Al Omaira were re-elected as members of the Board of Directors, while Hamid Al Shammari was elected as a member of the Board of Directors instead of Carlos Obaid, who did not run for re-election.
Al-Muhairi said: “There is no doubt that future generations will remember the year 2020 due to the challenges it brought to the global economy due to the spread of the (Covid-19) epidemic, but despite this (Waha Capital) was able to return to making profits in 2020, which is what It came as a result of following an effective transformation strategy, driven by a significant improvement in the performance of the private investment unit and a strong contribution from the public markets unit. The performance of credit and equity funds was noteworthy, and even exceeded the sector’s benchmarks in terms of returns at the end of the year ».
He explained that the works of the public markets unit achieved profits of 321.4 million dirhams, while the business of the private investment unit contributed a net profit of 40 million dirhams, compared to a loss of 835.4 million dirhams recorded during the year 2019, while the company's total assets amounted to 8.9 billion dirhams as of December 31, 2020. This compares to 9.3 billion dirhams in 2019.
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