Waha Capital Reports Strong First Half Results as Net Profit Attributable to Shareholders Rises to AED 209 Million

Al Bawaba

01-08-2025

Waha Capital PJSC, an Abu Dhabi-listed investment management company (ADX: WAHA), today reported first-half net profit attributable to shareholders of AED 209 million, representing a return on average equity of 10.0%.The strong performance reflects Waha Capital's ability to deliver consistent results across market cycles through its diversified platforms and differentiated investment strategies. The company realised significant value from the sale of real estate assets at Waha Land, drove increased recurring fee income at its wholly owned asset manager Waha Investment, and generated solid returns from the Private Investments portfolio.Waha Capital reported total income of AED 711 million in the first half, while net profit of AED 209 million was marginally higher than the AED 205 million recorded a year earlier. Net profit for the second quarter stood at AED 128 million, compared to AED 38 million in Q2 2024, while total income for the quarter reached AED 381 million.A major highlight in the second quarter was the successful sale of built logistics and industrial assets at Waha Land to Aldar for AED 530 million, demonstrating Waha Capital's ability to monetise assets at attractive valuations. The transaction unlocked substantial value for Waha Capital's shareholders and paved the way for significant reinvestment and partnerships to accelerate the growth of the company's real estate logistics assets.As at the end of June 2025, Waha Capital's total assets under management (AUM) stood at AED 12.6 billion, an increase of 16% from AED 10.9 billion in the same period the previous year, supported by strong inflows of third-party capital into Waha Investment's credit and equity funds.Waha Capital's long-term track record of success was recognized by Forbes Middle East, which named the company among the Top 40 Asset Managers in 2025 for the fourth consecutive year.Meanwhile, the company continued to advance its corporate social responsibility agenda in H1 2025, with initiatives focused on community welfare and food security. Aligned with the UN Sustainable Development Goals, the company partnered with Ma'an to support underprivileged communities in Abu Dhabi and Al Ain through targeted Ramadan and ongoing campaigns, including subsidized meals and essential food support for low-income families.Waha Investment HighlightsWaha Investment, the wholly owned asset management subsidiary of Waha Capital, recorded H1 2025 net profit of AED 172 million, driven by rising management and performance fees and mark-to-market gains. The business continues to be underpinned by consistent inflows of capital from a wide range of regional and global institutional clients driven by the consistent multi-year outperformance 5 track record of its credit, equity and Islamic income strategies. The funds attracted significant capital in the first six months of 2025, bringing total third-party AUM to USD 2.0 billion, a 25% increase from USD 1.6 billion a year earlier.The Waha Emerging Markets Credit Fund outperformed its benchmark, the JPMorgan EMBI Global Diversified Index, in the six-month period, bringing its cumulative return since inception to 283.8% versus the benchmark's 71.9% gain. The Waha MENA Equity Fund delivered a cumulative return of 381.2% since inception, significantly outperforming its benchmark, the S&P Pan Arab Composite Index, which gained 88.2% over the same period.Meanwhile, the Waha Islamic Income Fund returned 30.6% since inception, outperforming its reference benchmark, the Dow Jones Sukuk Index, which gained 7.7% over the same period.Private Investments HighlightsThe Private Investments business reported net profit of AED 33 million in H1 2025, supported by value realisation from the partial disposal of a stake in one of the portfolio assets.Waha Health, Waha Capital's wholly owned healthcare platform, continued to demonstrate strong momentum, anchored by the Orchid Fertility business. Orchid Fertility, one of Dubai's fastest-growing IVF clinics, reached a new milestone in May with the opening of a larger facility to meet rising demand. Backed by a team of expert medical specialists and a success rate of 71%, significantly above international benchmarks, the clinic exemplifies Waha Capital's focus on high-growth, high- impact sectors such as maternal and specialised outpatient care, and its commitment to advancing the UAE's world-class healthcare ambitions.As of 30 June 2025, assets under management within the Private Investments division stood at AED 649 million, comprising a diversified portfolio across core, global opportunities, and mature assets in strategic sectors.Waha Land HighlightsWaha Land generated net profit of AED 86 million in the first half of the year. A key driver of this performance was the successful sale of Stages 1 and 2A to Aldar. The transaction, which included 182,500 sqm of high-quality, income-generating industrial assets with long-term tenants, marks a strategic milestone for Waha Capital following over a decade of investment into transforming a greenfield site granted by the Abu Dhabi Government into a flagship logistics and industrial hub.
In addition to the divestment, Waha Land made strong progress at Stage 2B of the development, which comprises 75,600 sqm of high-specification industrial units and is now 100% leased. Waha Land will continue to enhance the ALMARKAZ platform by focusing on the development and leasing of the remaining landbank and strategic partnerships that support further value creation - including via the potential future collaboration with Aldar.