FINANCIAL NEWS

Waha Capital achieves 186% growth in Q1 profits

29 Apr 2010

(MENAFN) Abu-Dhabi holding company Waha Capital reported $9 million net profit in the first quarter, a 186 percent increase over the same period last year.

The companyÂ’s financials for the first quarter showed that revenues for the first quarter, ended March 31, were $30.5 million, an increase of 14.3 percent over the same period last year. Operating profits recorded a growth of 183.6 percent to reach $8.9 million compared to the corresponding period last year.

The assets value stood at $1.17 billion during the first quarter, a 1.7 percent growth over the same period in 2009.

Chairman of Waha Capital, His Excellency Hussain Al Nowais, explained that the company is on track with its plans to develop Al Markaz, a multiuse real estate project in Abu Dhabi. He expected to deliver the first phase of residential and industrial units by the end of the year and early 2011.

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