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Waha net profits increase 34 % to Dhs40m in third quarter

United Arab Emirates: Monday, October 20 - 2008 @ 15:18

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 DHS 107.1 million from DHS 91 million in 2007, an increase of 17.7%. Waha Capital’s revenues for the same period reached DHS 401.6 million in 2008, an increase of 23.7% compared to last year.

In addition, the company’s operating profits increased by 26.8% reaching Dhs102.5m as on 30 September 2008 compared to Dhs80.8m for the same period, in 2007. Operating assets increased to Dhs4.467bn, posting 2.9% 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.

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Monday, October 20- 2008 @ 15:18 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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