Abu Dhabi investment company Waha Capital PJSC has reported a preliminary net profit of AED1.138bn for Q2 2014, up from AED 38.4 million recorded in the same period last year – a nine-fold increase.
The record quarterly net profit for the company is reported to be due to the unlocking of part of the value in Waha Capital’s stake in AerCap Holdings, following AerCap’s acquisition of International Lease Finance Corporation (ILFC) in May 2014.
Hussain Jasim Al Nowais, Chairman of Waha Capital, said: “These exceptional results are a testament to Waha Capital’s strong financial position and sound investment process. The company is in an excellent position to take advantage of attractive investment opportunities in high potential sectors in the local and regional economy.”
Al Nowais added: “We will continue to focus on maintaining a healthy pace of growth in our core activities. I am confident that Waha Capital has the right level of expertise and the financial capacity to continue to maximize shareholder value.”
As a result of AerCap’s acquisition of ILFC, AerCap has more than tripled its fleet to 1,300 owned or managed aircraft. AerCap also has over $25bn of future aircraft deliveries on its newly-combined order book.