AL WAHA CAPITAL www.wahacapital.ae
Al Waha Capital PJSC reported net profit attributable to Owners of the Company of AED 264.5 million for the six month period ended 30 June 2021 compared to net loss of AED (27.2) million for the corresponding period of 2020
KEY ACTIVITIES DURING THE PERIOD
During the period, the Group disposed 2.41 million shares equivalent to 44% stake in its equity accounted associate .8 million, resulting in the recognition of gain on disposal of AED 50.5 millionESR reduced from 6.29% to 3.54%.
Total assets under management reached the significant milestone of AED 3.7 billion (USD 1 billion) and stood at AED 4.0 billion as at 30 June 2021 compared to AED 3 4 billion as at 31 December 2020, an increase of 19%. The assets under management attributable to Owners of the Company were AED 2.6 billion as at 30 June 2021 compared to AED 2.3 billion as at 31 December 2020 period to date net returns were; Waha CEEMEA Credit Fund SP of 6.7%, Waha MENA Equity Fund SP of 14.9% and Waha Islamic Income Fund SP of 5.0%
KEY FINANCIAL HIGHLIGHTS
156,444 | |||
(10,142) | |||
50,511 | 50,511 | ||
(32,014) | (10,000) | (32,014) | (10,000) |
501,536 | 59,379 | 277,748 | 506,272 |
Gain on settlement of loan investments | |||
23,212 | 11,542 | ||
(3,993) | (5,501) | ||
(120,674) |
(41,184) (45,493)
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Total income
Six month period ended 30 June 2021
Total income of AED 685.6 million for the six month period ended 30 June 2021, compared to AED 221.4 million for the corresponding period of 2020, was driven by the following:
- Asset Management Capital Markets income of AED 478.0 million compared to AED 27.0 million in 2020 reflecting strong performance post pandemic
- Private Investments income of AED 207.5 million compared to AED 194.3 million in 2020 mainly due to
- Revenue from goods and services of AED 156.5 million (H1 2020: AED 146.5 million)
- Gain on disposal of AED 50.5 million (H1 2020: AED nil) on sale of NESR shares;
- Impairment adjustment of AED 32.0 million (H1 2020: AED 10.0 million) following a reassessment of specific equity accounted investments recoverable amounts; and
- Gain on settlement of loan investment of AED nil (H1 2020: AED 11.2 million)
Three month period ended 30 June 2021
Total income of AED 376.3 million for the three month period ended 30 June 2021, compared to AED 571.3 million for the corresponding period of 2020, was driven by the following:
- Asset Management Capital Markets income of AED 268.1 million compared to AED 489 8 million driven by strong recovery in Q2 2020
- Private Investments income of AED 108.1 million compared to AED 81.4 million in 2020 mainly reflecting
- Revenue from goods and services of AED 78.5 million (Q2 2020: AED 72.2 million)
- Loss from equity accounted investment by AED 4.4 million (Q2 2020: loss of AED 9 9 million)
- Gain on disposal of AED 50.5 million (Q2 2020: AED nil) on sale of NESR shares; and
- Impairment adjustment of AED 32.0 million (Q2 2020: AED 10 0 million) following a reassessment of specific equity accounted investments recoverable amounts
TOTAL EXPENSE ANALYSIS
Six month period ended 30 June 2021
Total expenses for the six month period ended 30 June 2021 was AED 302.5 million, compared to AED 271.1 million in
2020, mainly comprised of:
- General and administrative expenses company, amounting to AED 82.7 million compared to AED 57.1 million for the corresponding period of 2020, a increase of AED 25.6 million, mainly due to increase in staff related costs
- General and administrative expenses subsidiaries amounting to AED 53.6 million compared to AED 41.2 million for the corresponding period of 2020, an increase of AED 12.4 million, mainly due to provisions for credit losses.
- Finance costs, net company, amounting to AED 20.1 million, compared to AED 21.3 million in the corresponding period of 2020, a decrease of AED 1.2 million, mainly due to lower LIBOR rates.
- Finance costs, net subsidiaries, amounting to AED 25.4 million, compared to AED 37.6 million in the corresponding period of 2020 a decrease of AED 12.2 million, mainly due to lower utilisation of repurchase liabilities for public market funds.
Three month period ended 30 June 2021
Total expenses for the three month period ended 30 June 2021 was AED 155.7 million, compared to AED 139.6 million in
2020, mainly comprised of:
- General and administrative expenses company, amounting to AED 41.2 million compared to AED 32.6 million for the corresponding period of 2020, a increase of AED 8.6 million, mainly due to increase in staff related costs.
- General and administrative expenses subsidiaries, amounting to AED 29.8 million compared to AED 19.9 million for the corresponding period of 2020, an increase of AED 9.9 million, mainly due to provisions for credit losses.
- Finance costs, net company, amounting to AED 10.3 million, compared to AED 11.4 million in the corresponding period of 2020, a decrease of AED 1.1 million, mainly due to lower LIBOR rates.
- Finance costs, net subsidiaries, amounting to AED 13.1 million, compared to AED 19.9 million in the corresponding period of 2020, a decrease of AED 6.8 million, mainly due to lower utilisation of repurchase liabilities for public market funds.
Net profit / (loss) attributable to owners of the Company
Six month period ended 30 June 2021
Net profit attributable to owners of the Company: Net Profit of AED 264.5 million for the six month period ended 30 June 2021, compared to a net loss of AED (27.2) million for the corresponding period of 2020, was mainly driven by the following:
- Asset Management Capital Markets profit of AED 319.6 million compared to AED 2 9 million in 2020;
- Private Investments profit of AED 33.7 million compared to loss of AED 33.5 million in 2020
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Three month period ended 30 June 2021
Net profit / (loss) attributable to owners of the Company: Net profit of AED 153.9 million for the three month period ended 30 June 2021, compared to AED 267.2 million for the corresponding period of 2020, was mainly driven by the following
- Asset Management Capital Markets profit of AED 180.2 million compared to AED 300.1 million in 2020;
- Private Investments profit of AED 18.8 million compared to AED 3.2 million in 2020
Net profit / (loss) by segment (AED million)
3 | |||||||||||||||||||||||||||||||
Asset Management | 300 | ||||||||||||||||||||||||||||||
180 | |||||||||||||||||||||||||||||||
320 | |||||||||||||||||||||||||||||||
Private Investment | 33 | 3 | |||||||||||||||||||||||||||||
19 | |||||||||||||||||||||||||||||||
34 | |||||||||||||||||||||||||||||||
Finance costs | (21) | (11) | |||||||||||||||||||||||||||||
(20) | costs | ||||||||||||||||||||||||||||||
(10) | |||||||||||||||||||||||||||||||
Other Corp. Costs | (42) | (25) | |||||||||||||||||||||||||||||
(69) | (35) | ||||||||||||||||||||||||||||||
(27) | |||||||||||||||||||||||||||||||
Net Profit / (Loss) | 267 | ||||||||||||||||||||||||||||||
265 | 154 | ||||||||||||||||||||||||||||||
H1 2020 | H1 2021 | Q2 2020 | Q2 2021 | ||||||||||||||||||||||||||||
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Balance sheet highlights
| As at | 30 | Jun | 21 | As at 31 Dec 20 |
Investments in equity accounted associates and joint ventures | |||||
Right of use assets | |||||
Investment property | |||||
Financial investments | |||||
Loan investments | |||||
Other assets | |||||
Cash and bank balances | |||||
Total assets | 9,451,739 | 8,881,813 | |||
Borrowings | |||||
End of service benefit provision | |||||
Derivative liabilities | |||||
Lease liabilities | |||||
Trade and other liabilities | |||||
Total liabilities | 4,883,367 | 4,732,218 | |||
Total equity | 4,568,372 | 4,1 49,595 | |||
Total liabilities and equity | 9,451,739 | 8,881,813 |
Total assets composition (AED million)
of AED 9,451.7 million as at 30 June 2021, compared to AED 8,881.8 million as at 31 December 2020, an increase of 6%, comprised of:
a) Investments in equity accounted associates and joint ventures of AED 336.8 million compared to AED 472.1 million for the corresponding period of 2020, a decrease of AED 135.3 million; mainly due to share of loss of AED 10.1 million; impairment of AED 32.0 million; disposal of AED 84.3 million and dividends received of AED 8.7 million.
- Financial investments of AED 6,264.6 million compared to AED 6,163.0 million for the corresponding period of 2020, an increase of AED 101.6 million, mainly due to increase of AED 176.7 million in private investments equity securities portfolio offset by a decrease of AED 74.2 million in public market funds
c) Cash and bank balances of AED 1,025.3 million compared to AED 704.7 million in 2020, an increase of AED 320.6 million; mainly includes the following cash flows:
- Corporate: net drawdown of revolving corporate facility of AED 220.7 million offset by dividends paid AED 110.3 million;
- Capital Markets: net investment of AED 238.5 million and contributions from non controlling interest holders of AED 146.1 million offset by decrease in repurchase liabilities of AED 345.6 million; and
- Private Investments: Proceeds from disposal of NESR shares AED 134.8 million offset by investment in equity securities AED 160.3 million.
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Al Waha Capital PJSC published this content on 11 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2021 02:45:05 UTC.
