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Wednesday, March 22, 2023

Wahaha Capital expects shareholder profits to fall 12% in 2022

Wahaha Capital expects shareholder profits to fall 12% in 2022

Wahaha Capital’s net profit attributable to shareholders in 2022 will be 344.37 million dirhams, a decrease of 12% from 391.03 million dirhams in the same period last year.

Consolidated financial results show that for the period January-December 2022, net operating income reached AED 720.31 million, down 21% year-on-year from AED 916.60 million.

Meanwhile, basic and diluted earnings per share (EPS) attributable to owners was AED 0.18 last year and AED 0.21 in 2021.

Total assets plummeted to AED 9.49 billion as of December 31, 2022, from AED 9.58 billion a year earlier.

Fourth Quarter Income Statement

In the fourth quarter (Q4) of 2022, the company’s net profit attributable to shareholders increased by 67% year-on-year to AED 157 million from AED 94 million in Q4-21.

In addition, total revenue in Q4-22 increased by 26% YoY to AED 280 million from AED 223 million.

Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said: “Despite the challenging market environment, Waha Capital has made excellent progress towards achieving its long-term goals for 2022 and the core business is now well positioned for future success.”

“The Public Markets business has maintained an exceptional track record for its flagship funds, while the Private Investments business has successfully monetized established assets and developed a pipeline of high-growth opportunities in favorable industries,” Al Muhairi noted.

“Furthermore, Wahaha Capital continued to attract third-party capital from institutional investors, with assets under management increasing by AED 696 million to AED 6.54 billion by the end of the year,” he concluded.

In the first nine months (9M) of 2022, the ADX-listed company generated a net profit attributable to owners of AED186.96 million, down 37 percent from 9M-22’s AED296.54 million.

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