Waha Capital PJSC today reported preliminary financial results for the fourth quarter of 2011 and despite challenging markets in financial services, the company recorded a net profit of AED 155.31 million with key portfolio companies and its financial services business holding up well against a testing global economic backdrop.

The full-year results compares to a net profit of AED 249.09 million in 2010, a record year for Waha Capital, which has posted positive earnings every year since 2002.

The company recorded a net profit of AED 92.95 million during the fourth quarter of 2011, against AED 172.35 million for the same period last year, mainly due to a gain that was recorded for the transaction involving the acquisition of a stake in aircraft leasing firm AerCap.

The 2011 financial results were announced following a board meeting in Abu Dhabi chaired by Hussain Jassem Al Nowais, Chairman of Waha Capital, and attended by the members of the Board and the executive management of the company.

Hussain Jassem Al Nowais, Chairman of Waha Capital, said: "These results demonstrate the continuing robustness of Waha Capital and underline our commitment to enhance the structure of the company so as to generate strong and sustainable returns to our shareholders in the future. I believe that we have taken some important strategic decisions that have started and will continue to bear fruit in the coming years." Salem Rashid Al Noaimi, Chief Executive Officer of Waha Capital, said: "We have carefully managed our investments during difficult times for the global economy, and as a result, I am confident that Waha Capital can continue to progress with its growth plans."

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