Now Reading
UAE’s Waha Capital Q2 Net Profit Jumps On AerCap Deal

UAE’s Waha Capital Q2 Net Profit Jumps On AerCap Deal

Waha, whose shareholders include Abu Dhabi government entities, made Dhs1.14 billion in the second quarter of the year.

Abu Dhabi-based investment firm Waha Capital said on Tuesday its net profit for the second quarter of 2014 jumped on the back of a one-off gain from its investment in AerCap Holdings.

Waha, whose shareholders include Abu Dhabi government entities, made Dhs1.14 billion ($310.4 million) in the three months to June 30, up from Dhs38.4 million in the year-ago period, it said in a bourse filing.

AerCap Holdings, in which Waha was its largest shareholder, bought American International Group’s aircraft leasing business in a $5.4 billion cash and share deal that was completed in May.

“Waha Capital booked a one-off gain related to the transaction, and recorded a higher earnings contribution from AerCap, because of the increase in scale, valuation and earnings per share at the aircraft leasing company,” its earnings statement said.

Waha’s stake in AerCap was reduced to 14.1 per cent from 26.3 per cent as a result of the deal.

Waha, which has assets totalling Dhs6.5 billion ending June 2014, plans to invest in “high potential areas of the economy including healthcare, energy and infrastructure,” said chief executive Salem Rashid Al Noaimi.

Last month, Waha set up a new unit to drive its investments in the energy sector across the Middle East & North Africa region. It made its first investment buying a 20.56 per cent stake in Dubai-based oilfield services firm National Petroleum for $76 million.

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top