Waha Capital records 182 million losses in first half

Waha Capital has announced its results for the first half of 2019, the total badets of the badet management unit having increased by 64% over the previous fiscal year, for s & # 39; to AED 395 million, reducing general and administrative expenses by 18% to AED 107.2 million, and total impairments and losses, excluding $ 363 million net loss of $ 182.2 million; EDA.
The badet management division of Waha Capital, which manages the company's emerging market funds, reported net profit of AED 239.2 million in the first half of this year. Equity and credit funds, which consistently outperformed the major multi-year indices, continued to generate strong returns with badets under management reaching AED 2.9 billion.
In contrast, the private equity unit – which invests in several sectors, including aviation, financial technology, energy, healthcare and financial services – recorded a net loss of $ 351.8 million. AED in the first half. This is mainly due to a provision of 209.4 million AED after the unit has revalued its recoverable investment in AerCap Holdings and recorded a loss of 153.6 million AED after excluding 6 million shares of A & B. 39; AerCap.
Waleed Al Mokarrab Al Muhairi, chairman of Waha Capital, said: "The badet management unit continues to perform well.Our strategy is to increase the proportion of badets under management by leveraging our network to attract third-party investors.
He added that the private equity sector continues to focus on value creation and investing in growth-potential sectors and that we have extensive experience. Although the financial results of the last two quarters have been affected by losses due to the repayment of stock prices at AerCap Holdings, I am proud that the company has implemented a strategy to ensure a rapid transition to sustainable growth.
Mohammed Al Nowais, managing director of Waha Capital, said, "Waha Capital's results for the first half of 2019 have shown continued growth in the badet management division with high profit rates, while the Private investment division was affected by exceptional losses and by rising financing costs. In the net profit of the company.
Funds managed by the badet management unit in the first six months of 2019 reached 15.47% for Waha Equity Fund in the MENA region, 18.26% for Waha Value Investment Fund in the MENA region and 10.53% for Waha Fund. Invest in credit instruments in the markets of Central and Eastern Europe, the Middle East and Africa. Total badets under management increased from AED 2.5 billion at the end of 2018 to AED 2.9 billion at the end of the first half of 2019.
In the first six months of 2019, Waha Capital sold 6 million shares of Aircap for AED 1,017 million. The group did not participate in the share repurchase program conducted by Aircap – the leasing company listed on the New York Stock Exchange – during this period. As a result, Waha Capital's stake in the company was 8.1% at the end of June 2019, compared with 12% at the end of 2018.
Petronash has recorded a business turnover of 267.1 million in the first half of this year.
The financial technology company Channel VAS, which holds a 19.5% stake in Waha Capital, has announced an annual revenue increase of 22.9% to AED 112.8m in the first half of 2019.
Anglo Arabian Healthcare, which is 95% owned by Waha Capital, saw its revenue increase 18.7% year-on-year, reaching 153.6 million AED in the first half of 2019.