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2012 Nov 12

Waha Capital reports net profit of AED 27.5 million for third quarter of 2012

Abu Dhabi,12 November, 2012 – Waha Capital PJSC (ADX: WAHA), a diversified investment company based in Abu Dhabi, reported today a net profit of AED 27.5 million for the third quarter of 2012 compared with a net profit of AED 26.6 million in the same period of 2011. Waha Capital's portfolio investments continued to perform well against a backdrop of global macroeconomic uncertainty.

The financial results were announced on Sunday 11th November following a Board meeting of Waha Capital in Abu Dhabi, chaired by His Excellency Hussain Jasim Al Nowais, Chairman of Waha Capital. The company currently has assets worth AED 4.24 billion, compared to AED 4.2 billion at the end of 2011.

In the third quarter, Waha Capital recorded total revenues of AED 69.2 million, compared to AED 79.5 million a year earlier. Total operating expenses were AED 43.7 million in the quarter, compared to AED 52.3 million a year earlier.

"We are pleased with the performance of our investments, especially given the difficult global market conditions," said Salem Al Noaimi, Waha Capital's Managing Director. "Our balance sheet remains strong, and we are now well positioned to take our business forward, capitalising on attractive investment opportunities in growth areas, particularly in the GCC."

Among Waha Capital's key investments, New York-listed Aercap Holdings is well positioned for growth, having arranged debt financing of $210 million in the third quarter, bringing total capital raising this year to $860 million. The company continued to grow its portfolio in the third quarter, taking delivery of eight aircraft and acquiring three new Boeing 737-800 aircraft and a new Airbus A330-300, while selling five older aircraft. Aercap's portfolio now totals 337 aircraft, either owned, on order or managed.

Stanford Marine Group, a company in which Waha Capital owns a 49% stake, continues to see strong leasing demand for its vessels, recording a utilisation rate of over 90 percent in the third quarter. During the period, the company inaugurated its new state-of-the-art shipbuilding facility in Dubai Maritime City, which should allow significant additional capacity.

Dunia Finance, in which Waha Capital owns a 25 percent stake, has continued its strong growth trajectory, recording a six-fold rise in net income in the first nine months of this year. In this period, Dunia's loan portfolio grew by 28 percent, funded mostly by a 60 percent increase in deposits.

Waha Land continues to see strong interest in its Light Industrial and Warehousing Development ALMARKAZ. Phase 1 of the project is due to complete in the final quarter of this year and is seeing strong leasing activity with tenants occupying and fitting out ready for the commencement of operations.

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