Waha Capital PJSC, an Abu Dhabi-listed investment management company, has reported a strong increase in nine-month net profit, with its emerging markets credit and equity funds continuing to provide robust returns despite volatility in global capital markets.
The company recorded a net profit of AED 297 million in the first nine months of 2021, compared to a net profit of AED 59 million in the same period of 2020. Net profit for the third quarter stood at AED 32 million.
The company also maintained an efficient operating model, with a cost to income ratio of 24.5 percent for the trailing twelve months.
The Public Markets business, which manages emerging markets credit and equity funds, reported investment gains and fee income of AED 429 million in the nine-month period.
The Private Investments business produced a net income of AED 1 million, with the global pandemic and market volatility impacting certain sectors within the portfolio.
The fund provided a total return of 20.8 percent in the first nine months of 2021, bringing the cumulative total return to 207.3 percent since inception in 2014, which is equivalent to an annualised rate of return of 15.6 percent. The fund’s trailing total return (12 months to end-September 2021) was 32.4 percent.
With over US$1 billion of assets under management (AUM), Waha Capital’s business is ranked by Forbes Middle East as a top 30 investment manager in the region.
In early October, one of the company’s flagship funds, the Waha MENA Equity Fund, was recognized by The Global Investment Report as one of the world’s top 50 hedge funds – the only hedge fund based in the MENA region to feature in the ranking.