Waha Capital posts Q3 net profit of AED 27.5 million

Waha Capital PJSC (ADX: WAHA), a company based in Abu Dhabi, reported today a net profit of AED 27.5 million for the third quarter of 2012 compared with a net profit of AED 26.6 million in the same period of 2011. The company's portfolio investments continued to perform well against a backdrop of global macroeconomic uncertainty. The financial results were announced yesterday, following a Board meeting of the company in Abu Dhabi, chaired by Hussain Jasim Al Nowais, Chairman of Waha Capital. The company currently has assets worth AED 4.24 billion, compared to AED 4.2 billion at the end of 2011. In the third quarter, the company recorded total revenues of AED 69.2 million, compared to AED 79.5 million a year earlier. Total operating expenses were AED 43.7 million in the quarter, compared to AED 52.3 million a year earlier. "We are pleased with the performance of our investments, especially given the difficult global market conditions," said Salem Al Noaimi, company's Managing Director. "Our balance sheet remains strong, and we are now well positioned to take our business forward, capitalising on attractive investment opportunities in growth areas, particularly in the GCC."