per share (AED)
2016 net profit (AED)
The operating environment for Waha Capital in 2016 continued to be challenging, with various global economic indicators trending negatively. Reduced oil prices, slowing growth in the Chinese economy, and geopolitical issues in parts of the Middle East continued to pose serious challenges.
It is evident that the global economy will continue to experience uncertainty in 2017, with lower growth rates expected across oil-exporting countries and emerging markets.
On the local level, the performance of our national economy was impacted by many of the same factors. Although certain sectors were impacted, prudent policy steps by the government at the local and federal levels, continued stability, and the vision of our leadership contributed to softening the economic impact. The local economy has therefore continued on its growth path.
In the meantime, Waha Capital has shown an ability to adapt and effectively manage risk, which has resulted in the robust financial results that we have reported for 2016.
Our company realised a net profit of AED 407 million, with key financial metrics remaining strong. This allowed the company to propose a strong dividend of AED 0.20 per share for the year.
The management of Waha Capital has adopted a successful diversification strategy and is firmly focused on prudent financial management. This has enhanced our ability to move forward with our long-term strategy, which aims to create maximum shareholder value.
We are committed to taking advantage of high-potential investment opportunities, while implementing a strong risk management framework and maintaining strong performance across our well-balanced investment portfolios.
On behalf of Waha Capital’s board, management and employees, it is my honour to extend our most sincere loyalty and gratitude to His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE; and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, and Chairman of Abu Dhabi Executive Council.
I would also like to thank board members for their wise guidance and deliberations, which have ensured the company’s enduring success. Appreciation is also due to members of the executive management team and all our team members at Waha Capital. Your dedication and loyalty are our key assets, so thank you for all your efforts.
Hussain Jasim Al Nowais,
Chairman of Waha Capital