Waha Capital reports net profit of Dhs449 million

Despite challenging global macroeconomic and capital market conditions, Waha Capital delivered strong financial and operational performance. Full-year revenue stood at Dhs720 million, while operating expenses were Dhs174 million.

Waha Capital performed strongly in the fourth quarter, with net profit increasing 23 per cent year-on-year to Dhs190 million due to robust returns from the company’s public equity and credit funds and gains derived from monetising mature assets.

Waha Capital’s total assets under management stood at Dhs6.54 billion at the end of 31st December, 2022, an increase of 12 percent from the Dhs5.84 billion recorded at the end of 2021.

In 2022, the company was recognised by Forbes Middle East as one of the region’s “Top 30 Asset Management Companies” for the second consecutive year, the Waha MENA Equity Fund was named “Best Emerging Markets Equity Fund” at the EuroHedge Awards, and the Waha Islamic Income Fund was awarded “Best Sukuk/Islamic Fund” at the MEA Finance Awards.

The Company’s board recommends a cash dividend of 8 fils per share. This recommendation remains subject to regulatory and shareholder approvals at the Company’s Annual General Meeting.

The Public Markets business recorded total revenue of Dhs496 million and net profit of Dhs425 million in 2022, with the company’s flagship funds continuing to outperform their respective benchmarks during a year characterised by heightened volatility in global markets.