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Press Releases

Waha Capital is continuously striving to deliver the highest level of corporate communication practices

2008 Oct 19

Waha net profits increase 34 % to AED 40 million in 3rd quarter

Abu Dhabi, 19 October 2008: Waha Capital, the Abu Dhabi-based and Abu Dhabi Securities Exchange-listed, diversified investment holding company, has reported a net profit of AED 40 million for the third quarter of 2008, an increase of 34 percent over the corresponding period last year.

The earnings announcement was made after the Board of Waha Capital met today in Abu Dhabi. The meeting was attended by HE Hussein Jassim Al Nowais, the Chairman, and other Board Members.

Waha Capital's report sent to Abu Dhabi Securities Exchange (ADX) has shown that the company's net profits for the nine months ending 30 September 2008 reached AED 107.1 million from AED 91 million in 2007, an increase of 17.7 percent. Waha Capital's revenues for the same period reached AED 401.6 million in 2008, an increase of 23.7 percent compared to last year.

In addition, the company's operating profits increased by 26.8 percent reaching AED 102.5 million as on 30 September 2008 compared to AED 80.8 million for the same period, in 2007. Operating assets increased to AED 4.467 billion, posting 2.9 percent growth over the period ending September 31st 2007.

Al Nowais said: "Despite the volatile situation that has afflicted the global and financial markets, Waha Capital has performed well over the last quarter. This proves the efficiency and success of our business policies which are based on diversification of resources and a balanced approach towards capitalizing on opportunities in multiple sectors and across countries."

Al Nowais said that the UAE's economy is solid and flexible enough to survive the consequences of the current financial crisis, thanks to the vision of its leadership, represented by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE; and His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and their brethren Members of the Supreme Council, Rulers of the Emirates.

Samer Alhaj, CEO of Waha Capital, noted the high priority that the company attached to protecting the interests and rights of its shareholders, adding that despite the financial crisis, there existed several attractive investment opportunities, especially in the UAE.

Alhaj added: "We are closely watching global market indicators so we can plan our investments accordingly. Over the fourth quarter of this year our efforts will be focused on evaluating the best investment opportunities after studying relevant reports and choosing the appropriate timing for these investments. The company will also continue selectively recruit more talent, in its technical and administrative departments, while also leveraging existing manpower."

Waha Capital unveiled its strategy for diversified business growth in February this year when it announced its transformation from a single-business entity into a holding company with four sector-specific subsidiaries: Waha Leasing, Waha Maritime, Waha Financial Services and Waha Land.

At the time, Waha Capital said it would pursue a strategy to drive multi-sector business growth and diversification through acquisitions, joint ventures and the creation of new businesses with investments worth AED 20 billion, and shall focus on building a diversified, Abu Dhabi-based powerhouse that derives its vision from that of the overall vision for Abu Dhabi as outlined by the country's leadership.

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