Waha posts Dh35.8m profit in first half

Abu Dhabi-based investment firm Waha Capital reported Dh35.8 million net profit for the first half of 2011 while total income stood at Dh147.8 million. A report yesterday showed that the company's net profit for the second quarter of this year stood at Dh6 million compared to Dh5.98 million for the same period of 2010. The total income for the second quarter of 2011 stood at Dh64.3 million compared to Dh96.5 million for the corresponding period last year, according to a statement by the company. The statement added that the assets increased to Dh3.87 billion as at June 30, 2011, posting a two per cent growth during the year from Dh3.8 billion as at December 30, 2010. Marwan Shurrab, vice-president and chief trader at the Gulf Mena Investments, was upbeat about the results when talking to Gulf News yesterday. "The two per cent rise in the assets for the first six months compared to the same period of 2010 reflects the strong financial position of the company and its diversified investments and joint ventures." Benefiting from location He added that the company benefited from its location in Abu Dhabi, which is undergoing a remarkable economic expansion, driven by a far-reaching economic diversification strategy and fuelled by a strong natural resource base. Shurrab pointed out that this has been performed through strategic partnerships and joint ventures which enabled Waha Capital "to evolve as a world class force in its activities". The company's CEO, Salem Al Nuaimi, said in a statement that Al Waha is gearing towards achieving its vision by executing the offshore and maritime services and other strategic projects. Company sources said that in the second quarter, Waha capital successfully closed a $505 million credit facility with 11 local, regional and international banks.