ABU DHABI: Waha Capital has reported a preliminary 2018 net profit of Dhs145 million. The company, which operates an asset management business and a private investments business, generated total income of Dhs823.2 million, compared to Dhs1.2 billion in 2017.
Its total assets increased to Dhs11.7 billion as on December 31, 2018, from Dhs11.4 billion a year earlier.
The preliminary results were announced following a board meeting in Abu Dhabi chaired by Salem Rashid Al Noaimi, Chairman of Waha Capital. The board recommended a dividend of Dhs0.075 per share, subject to approval by shareholders at Waha Capital’s annual general meeting.
Waha Capital continued to build and optimise its private investments portfolio in 2018, through two transactions that served to diversify and enhance the liquidity of its assets.
During the year, the company divested its stake in UAE-based National Petroleum Services, NPS, to National Energy Services Reunited, NESR, in a cash and shares transaction. This freed up additional capital and gave Waha Capital a stake in NASDAQ-listed NESR.
Waha Capital also acquired a stake in Petronash, a leading provider of modular wellsite packages, chemical injection systems and wellhead control systems to the oil and gas industry. The $88 million transaction included an option to increase Waha Capital’s stake in one of the most innovative firms operating in the oil and gas services industry.
WAM