Waha Capital, an investment management company which counts Mubadala Investment Company among its shareholders, swung to a Dh93.9 million ($25.6 million) second quarter net profit attributable to owners, driven by healthy returns from its capital markets business.
The company recorded a loss of Dh59.3 million for the corresponding period of 2022, it said on Friday in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
It also reported a net operating income of Dh259 million during from April to June, compared with a loss of Dh54.2 million for the corresponding period of 2022.
“Despite the increased economic and market certainty globally, the company has shown resilience and reported positive returns to-date thanks to its prudent approach,” Mohamed Al Nowais, managing director of Waha Capital, said.
“The public markets business has continued to deliver robust results since inception, with the flagship funds continuing to outperform their benchmark indices in 2023.
“The growth strategy for the private investments business has begun to yield results, with investments made and growth achieved in the global opportunities and core portfolio, and the opportunistic monetisation of mature assets under the legacy portfolio.”
In May, the company’s board of directors appointed Mr Al Nowais as managing director to lead Waha Capital through the next phase of its growth and development.
The company reported a net profit attributable to owners of Dh168.9 million for the first half of this year compared with a net profit of Dh87.3 million for the corresponding period of 2022.
Waha Capital’s public markets division recorded a net profit of Dh155 million in the second quarter compared with a loss of Dh53.7 million in the corresponding last year, while its private investments business narrowed its Q2 loss to Dh3.3 million from Dh2.2 million in the same time in 2022.
Waha Land, a wholly-owned subsidiary of Waha Capita that owns and operates light industrial real estate assets, recorded net profit of Dh8.3 million in the three months to the end of June.
“Despite an anticipated uncertain macroeconomic environment ahead, driven by the combination of slow growth, high inflation and geopolitical risks, Waha Capital remains cautiously optimistic about the future,” Mr Al Nowais said.
Waha Capital’s total assets under management reached Dh10.2 billion as of June 30, compared with Dh9.49 billion at the end of last year.
Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Queen
Nicki Minaj
(Young Money/Cash Money)
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