Waha Capital, which counts Abu Dhabi’s Mubadala Investment Company as one of its shareholders, swung to a profit in the second quarter on the back of a higher operating income.
Net profit attributable to owners of the company for the period ending June 30 reached Dh267.2 million, compared to a loss of Dh124.3m during the same period last year, the company said in a statement to Abu Dhabi Securities Exchange, where its shares trade.
“The fact that we were able to achieve one of the highest revenues for a single quarter in our history is a remarkable achievement given the current economic conditions,” Amr AlMenhali, chief executive for Waha Capital, said on Tuesday. “Once again our asset management division was able to outperform its peer group and to position our portfolio to meet whatever challenges may arise and our private investments division moved back into profit.”
Impairments of equity-accounted associates and joint ventures fell 90 per cent year-on-year to Dh10m and loss from equity-accounted associates and joint ventures came down to Dh9.8m from Dh99m last year.
Waha Capital’s asset management business, made a profit of Dh300.1m in the second quarter compared to Dh87.5m during the same period in 2019.
The company's private investment business which invests in a diverse range of sectors including healthcare, fin-tech, energy and financial services, recorded a net profit of Dh3.2m compared to a loss of Dh186.1m in 2019.
During the first half, the company narrowed losses to Dh27.2m, from Dh182.2m reported last year on the back of lower impairments of equity associates and joint ventures.
The Abu Dhabi-based firm is also eyeing investments in a number of US-listed companies operating in healthcare, technology and telecoms with a total investment of $120m (Dh440.7m).
“Our new investment programme, initially targeted in the US, will eventually cover the regional market, and help put us on a strong footing to deliver significantly higher returns moving forward,” Mr AlMenhali said. “We are also marking a new milestone for the company through a number of new initiatives including the launch of an Islamic fund which signals the development of a full shari’a compliant offering in the future”
Waha currently has investments in various companies including Dubai-based FinTech company Channel VAS, Dunia Finance, National Energy Services Reunited and Petronash Holdings, among others. It divested its stake in New York-based aircraft leasing company AerCap last year that generated net cash of Dh933m to the company.
Total assets at the end of June reached Dh9.49 billion, up 2 per cent since the end of 2019.
"We not only strive to grow revenues when times are good, but to protect our investments in times of uncertainty," Waleed Al Muhairi, chairman of Waha Capital, said.
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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UAE currency: the story behind the money in your pockets
Under 19 World Cup
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
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Palestine and Israel - live updates
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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England squad
Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood
UAE currency: the story behind the money in your pockets
The%20Roundup%20%3A%20No%20Way%20Out
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Warlight,
Michael Ondaatje, Knopf
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
Mathews 31, Rimmington 3-28
Karnataka Tuskers win by 19 runs
