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UAE’s Waha Capital profit up 78 percent in Q1

14 May 2014

(MENAFN) Waha Capital reported a 78 percent rise in its net profit for the first quarter of this year to reach USD41.37 million, resulted from the sale of its stake in an aircraft leasing business, according to the National.ae.

In April, Waha sold 60.7 percent stake in AerLift Leasing, which owns a portfolio of 11 commercial aircraft, to a newly-established US-based aircraft leasing company.

The company’s revenue resulted from the sale of the AerLift Leasing stake, along with strong returns from the Abu Dhabi investment company’s other aircraft business, AerCap Holdings.

Salem Rashid Al Noaimi, the chief executive and managing director of Waha Capital, said: “It is particularly important to note that our profits are now being generated from across our investment portfolio.”

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