Waha Q4 profit falls on provision

abu dhabi — Abu Dhabi investment firm Waha Capital’s fourth-quarter net profit fell sharply as a provision for investments weighed on earnings, data from the company showed on Monday.

Waha, which owns a stake in New York-listed aircraft leasing firm AerCap Holdings, made a net profit attributable to shareholders of Dh19.5 million ($5.3 million) in the three months to December 31.

That compared with Dh121.0 million in the fourth quarter of 2015. A one-off provision for changes in valuations of some principal investments drove profit lower, the company said without elaborating. Waha made a full-year profit of Dh407 million, down 30.7 per cent from 2015, the statement said.

Total income from the principal investments division, which includes portfolio companies AerCap, Dunia Group, Waha Land, Stanford Marine Group, Mena Infrastructure Fund and National Petroleum Services, fell 21 per cent to Dh514.4 million. — Reuters