Shareholders of Waha Capital, a leading Abu Dhabi investment company, have approved a cash dividend of 7.5 fils per share, equivalent to7.5 per cent of its paid-up capital, at the company’s annual general meeting (AGM).
On March 24, the company welcomed two new directors, Waleed Mokarrab Al Muhairi and Nader Al Hammadi. The new Board comprises Waleed Mokarrab Al Muhairi (chairman) , Ahmed Al Dhaheri (vice chairman), Nader Al Hammadi, Rashed Al Ketbi, Mohamed Al Nowais, Rasheed Al Omaira and Carlos Obeid.
Salem Rashid Al Noaimi, the outgoing chairman of Waha Capital, commented: “It has been an honour to have helped guide Waha Capital’s sustained growth as CEO for many years and then as chairman. During this period, Waha Capital has consistently delivered above-market returns on equity by creating value across its diversified portfolio of investments. The company is set on a clear growth path, backed by financial strength and a talented team. I am confident that the new board and senior management of the company will collaborate closely to build further on the company’s successes.”
Al Muhairi said: “I would like to thank Salem Al Noaimi for his highly valuable contribution to building Waha Capital into a successful diversified investment company over the last 15 years. This is a resilient company that has remained profitable in the face of tough global market conditions. While global economic and market challenges certainly lie ahead, I am confident that Waha Capital is well positioned to deliver attractive returns through business cycles.”
The company reported a net profit of Dh145 million ($39.5 million) in 2018, with the Private Investments and Asset Management businesses making well-balanced contributions to performance. The cash distribution amounts to Dh137.9 million, taking cumulative cash dividends over the last 13 years to over Dh2.4 billion. – TradeArabia News Service
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