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UAE's Waha Capital approves 20% cash dividend

The shareholders of Waha Capital approved a cash dividend of 20% for eligible shares at its annual general meeting (AGM), held on Wednesday

Waha Capital says its principal investments performed well in 2016 despite an uncertain global economic backdrop.
Waha Capital says its principal investments performed well in 2016 despite an uncertain global economic backdrop.

Abu Dhabi-headquartered investment company, the shareholders of Waha Capital approved a 20% cash dividend for eligible shares at its annual general meeting (AGM), held on Wednesday.

According to the company, Waha Capital PJSC reported a net profit of $110.9m (AED407.2m) for 2016, representing a 10.5% return on average equity.

The company’s Capital Markets division recorded a strong rise in income, with its credit and equities funds continuing to outperform, while key principal investments produced solid performances despite an uncertain global economic backdrop.

Addressing the shareholders during the meeting, Hussain Jasim Al Nowais, chairman of Waha Capital, said: "Despite a challenging operating environment, with various global economic indicators trending negatively, Waha Capital recorded a solid net profit, which allowed the company to deliver a strong dividend of $0.05 (AED0.20) per share.

''The management of Waha Capital has adopted a successful diversification strategy and is firmly focussed on prudent financial management. This has enhanced our ability to move forward with our long-term strategy, which aims to create maximum shareholder value.”

He concluded: “We are committed to taking advantage of high-potential investment opportunities, while implementing a strong risk management framework and maintaining strong performance across our well-balanced investment portfolios.”

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Construction Week - Issue 751
Oct 13, 2019