Tuesday, August 4, 2020 – 2:21 PM
Abu Dhabi, August 4 / WAM / Al Waha Capital Company recorded revenues of 571.3 million dirhams during the second quarter of the current year 2020, an increase of 8.5 times over the revenue for the same period last year.
The net profit of the company amounted to 267.2 million dirhams during the second quarter, compared to a loss of 124.4 million dirhams in the same period of 2019, while the private investment portfolio recorded a strong contribution to the group’s profits by 33.5 million dirhams.
The financial results for the second quarter reflected the company’s long-term strength and durability, and it was notable between the decisions taken during this period to start an investment program for companies listed in the United States with a value of up to $ 120 million across several segments. This program, which continues until the second half of the year, includes minority ownership. In healthcare, technology and communications companies.
The Asset Management Unit also completed the creation of a new fund that complies with the provisions of Islamic Sharia and is expected to be launched in the early second half of 2020. This came in response to strong demand from investors for such investment services and a reflection of the Unity team’s desire to expand the range of its offered products based on The continued success of its existing funds.
His Excellency Walid Al-Muqrab Al-Muhairi, Chairman of Waha Capital, said: “Despite the repercussions of the pandemic of Covid-19, the company was able with these results to be at the confidence of investors and demonstrated these results, especially the results of the second quarter, the company’s keenness to protect its investments in difficult times.
For his part, Amr Al Menhali, CEO of the company said: “These results constitute concrete evidence of the joint efforts of our team and the successful transformation in the comprehensive approach of the company’s board of directors and executive management.”
“The Asset Management Unit was again able to outperform its peers and establish our portfolio position to face any potential challenges. The Private Investment Unit also managed to return to profitability.”
WAM / Ahmed Al-Nuaimi / Reda Abdel-Nour