Waha Capital, which counts Mubadala Investment Company among its shareholders, posted a 35 per cent drop in third quarter net profit due to a Dh37.9 million loss from financial investments.
Net profit attributable to equity holders fell to Dh55.4m from a year earlier period, the company said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are listed.
Last year the company recorded a Dh90.1m gain from financial investments during the same period.
Total income fell 25 per cent year-on-year to Dh199.4 from a year earlier period.
Waha Capital’s Asset Management business, which manages emerging market fixed income and equity funds, suffered in the third quarter from volatility in global capital markets, the company said.
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Read more:
Waha Capital acquires stake in oilfield services firm Petronash for $88m
Waha Capital Q2 profit surges 38.5% on investments and assets management businesses
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“In a year when macro-economic conditions have been difficult, and global capital markets are extremely volatile, the company is benefiting from our long-standing strategy of diversification,” said Salem Al Noaimi, chairman of Waha Capital. “We are confident that our robust business is positioned for growth, with our private investments team working on opportunities to expand our portfolio, and asset management attracting third-party investors to our funds.”
Waha Capital said in October it had acquired a minority stake in oilfield services firm Petronash Holdings in a $88m deal. Petronash, which supplies engineering products for the oil sector, has projected $200m in revenue for this year.
The deal would enable Waha Capital to make “focused direct investments in highly cash-generative companies in our areas of expertise, which include energy, technology and financial services,” Michael Raynes, the company’s chief executive said at the time.
Mubadala owns 15 per cent of Waha Capital, which holds a 13.72 per cent stake in NYSE-listed aircraft leasing company AerCap and a 5.8 per cent stake in a Nasdaq-listed entity National Energy Services Reunited Corp.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
Meydan card
6.30pm: Al Maktoum Challenge Round-1 (PA) Group 1 US$65,000 (Dirt) 1,600m
7.05pm: Conditions (TB) $100,000 (Turf) 1,400m
7.40pm: UAE 2000 Guineas Trial (TB) $100,000 (D) 1,600m
8.15pm: Handicap (TB) $175,000 (T) 1,200m
8.50pm: Al Maktoum Challenge Round-1 (TB) Group 2 $350,000 (D) 1,600m
9.25pm: Handicap (TB) $175,000 (D) 1,900m
10pm: Handicap (TB) $135,000 (T) 1,600m
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
When: Thursday, May 3
Live: On BeIN Sports HD
