Abu Dhabi-based Waha Capital reported a 57% year-on-year surge in net profit for the first nine months of 2023, reaching AED 407 million ($110.8 million). This substantial increase is attributed to the company's public funds outperforming benchmarks and securing significant inward investment.
The company's Public Markets business, managed by its subsidiary Waha Investment PrJSC, contributed significantly to this growth, generating a net profit of AED 585 million ($159.3 million). On the other hand, the Private Investments business recorded a net loss of AED 6 million ($1.6 million) due to unrealized losses. Waha Land, another segment of the company, added AED 21 million ($5.7 million) in net profit from rental income.
Despite macroeconomic uncertainty causing volatility in global credit and equity markets, Waha Capital's Q3 net profit was AED 89 million ($24.2 million), with an operating income of AED 179 million ($48.7 million). This compares to AED 160 million ($43.6 million) and AED 217 million ($59.1 million) respectively in Q3 2022.
Waha Capital's operating income for the first nine months rose by 54% year-on-year to AED 679 million ($185.0 million), largely credited to its wholly-owned subsidiary, Waha Investment, and its high-performing emerging markets funds which boosted fee income.
The company's total assets under management climbed to AED 9.8 billion ($2.67 billion), with finance costs rising following benchmark interest rates. Operating expenses remained steady at AED 58 million ($15.8 million).
Notably, Waha Capital's MENA Equity Fund was listed among the top ten hedge funds globally for the fifth consecutive year. Mubadala Investment Company, a global investment powerhouse, is an anchor shareholder in Waha Capital.
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