Financial Results
Q1 2023
11 May 2023
Abu Dhabi Securities Exchange ticker: WAHA
wahaca pital.com
Mubadala Classification: Confidential
Classification: ConfidentialWaha Capital reports Q1 2023 net profit of AED 148 million on
sustained outperformance by its capital markets funds
Key highlights
 Public Markets business generates net profit of AED 226 million, driven by the strong
performance of its Waha MENA Equity Fund
 Private Investments business records net loss of AED 23 million, due to unrealised
revaluation losses on portfolio assets
 Waha Land reports AED 8 million in net profit
Income Q1 Q4 % Q1 2022 %
statement 2023 2022 Change Change
highlights (QoQ) (YoY)
(AED million)
Total 242 280 (14%) 278 (13%)
income
Total operating (62) (52) (19%) (47) (32%)
expenses
Finance cost (32) (38) 16% (26) (23%)
Net profit 148 190 (22%) 200 (26%)
Net profit 75 157 (52%) 147 (49%)
attributable to
shareholders
RETURN ON INVESTMENTS (1) ASSETS UNDER MANAGEMENT (2)
10.5 % AED 8.6bn
RETURN ON AVERAGE EQUITY (3)
RETURN ON AVERAGE ASSETS (4)
8.1 % 4.1 %
Notes:
(1): Based on trailing 12 months’ investment return
(2): As of 31 March 2023, including assets managed on behalf of third parties across all businesses
(3): Based on trailing 12 months’ contribution to Waha Capital shareholders
(4): Based on trailing 12 months’ contribution to all shareholders, including minorities
WAHA CAPITAL 2Ahmed Khalifa Al Mansoori
Chief Operating Officer
Waha Capital’s Q1 2023 results demonstrate a strong start to the year and
highlights our ability to generate healthy returns despite ongoing global
macroeconomic uncertainty. Our assets under management (AUM) have
grown significantly, reaching AED 8.6 billion as of Q1 2023, up from AED
6.5 billion at the end of 2022. This impressive growth is a result of the
trust that our investors have in our ability to generate solid returns, even
amid global macroeconomic uncertainty.
Our public markets’ credit and equity funds have once again delivered
exceptional performance, generating robust returns for the company
and our third-party investors. During the first quarter, we recorded
significant capital inflows to our funds and managed accounts, a
testament to the confidence that major institutional investors have in
our offering. With third-party assets under management now exceeding
AED 3.9 billion, we have a solid foundation to expand our product range
and increase our fee income. Despite the challenging operating
environment, our Private Investments portfolio is based on resilient
fundamentals, and we are confident that the team’s experience and
expertise will continue to deliver long-term value to our stakeholders.
WAHA CAPITAL 3Abu Dhabi, 11 May 2023: Waha Capital PJSC, an Abu Dhabi-listed investment management company
(ADX: WAHA), reported net profit of AED 148 million for Q1 2023, equating to a return on equity of 8.1%.
This strong performance was driven by the exceptional returns delivered by credit and equity funds in
its Public Markets business.
The company recorded total revenue of AED 242 million in the first quarter, compared to AED 278 million a
year earlier. Total expenses increased 32% year-on-year to AED 62 million, while a higher interest rate
environment led to finance costs increasing to AED 32 million from AED 26 million in Q1 2022.
Waha Investment (previously referred to as Public Markets) which actively manages emerging markets credit
and equity funds, reported net investment returns of AED 238 million and net profit of AED 226 million for the
first three months of 2023. The Private Investments business, which pursues a multi-asset investment
approach across different sectors and geographies, recorded net investment returns of AED 18 million but net
loss of AED 23 million, due to mark-to-market losses on certain portfolio assets. Meanwhile, Waha Land
generated net investment returns of AED 12 million and net profit of AED 8 million.
Waha Capital’s total assets under management (AUM) stood at AED 8.6 billion at the end of March 31, 2023.
Public Markets Highlights
The Public Markets business (operated by Waha Investment PrJSC, a wholly owned subsidiary) which actively
manages emerging markets credit and equity funds, recorded total revenue of AED 238 million in the first
quarter of 2023, and net income totalling AED 226 million. Our flagship credit and equity funds produced
positive returns despite continued volatility in global markets, continuing their exceptional multi-year track
record of outperformance.
The Waha MENA Equity Fund achieved a total return of 4.6% versus -0.5% by its benchmark. The fund has
delivered a cumulative return of 299.1% since its inception in 2014, versus the S&P Pan Arab Composite
Index’s return of 58.8%.
The Waha CEEMEA Credit Fund, which pursues long-short fixed income strategies in emerging markets,
recorded a total return of 2.7%, in line with its benchmark. The fund has delivered a cumulative return of
186.0% since its inception in 2012, versus the JPMorgan CEEMEA CEMB Index’s return of 40.4%.
The Waha Islamic Income Fund delivered a total return of 1.8% (gross of fees) versus a benchmark return of
1.9%. The fund, which mainly invests in global sukuk and Shari’ah-compliant equities, has recorded a
cumulative return of 17.1% (gross of fees), since its inception in 2020.
During the quarter, Waha Investment was mandated to manage AED 1.8 billion for an institutional client,
bringing total assets under management to AED 6.9 billion from AED 4.5 billion a year earlier.
Private Investments Highlights
The Private Investments business, which pursues a multi-asset investment approach across different sectors
and geographies, recorded net loss of AED 23 million in the first three months of 2023, largely due to fair value
adjustments on certain assets that have been affected by turbulent global markets.
The business, which had AED 900 million of assets under management at the end of the first quarter, continues
to deploy and recycle capital across its portfolios, generating AED 16 million in cash.
WAHA CAPITAL 4Waha Land Highlights
Waha Land, a wholly-owned subsidiary that develops, owns, and operates light industrial real estate assets,
recorded total revenue of AED 12 million in the first three months of 2023, driven by steady rental income.
Waha Land’s planned AED 555 million sale of 17 leased warehouse buildings at the ALMARKAZ Industrial
Development, agreed with Peninsula Real Estate Management Limited in August 2022, is expected to close
later in 2023.
Following completion of the transaction, Waha Land will continue to focus on developing, leasing, and
monetising assets at ALMARKAZ. Peninsula has agreed to acquire an additional 136,000 sq.m of completed
and income producing industrial properties that Waha Land is currently developing, with leasing expected to
commence once construction is completed.
- ENDS -
About Waha Capital
Waha Capital is an Abu Dhabi-listed investment management company that leverages its emerging markets
expertise, business networks and research capabilities to deliver attractive returns to shareholders and
investors in its funds.
Founded in 1997, Waha Capital is one of the Emirate’s leading private sector investment houses, providing a
world-class platform for investment and growth. The company has a long-established track record of
investing in public and private markets, deploying proprietary capital in alignment with third-party investors.
The Public Markets business (operated by Waha Investment PrJSC, a wholly owned subsidiary) offers
sophisticated investors actively managed emerging markets credit and equities funds, via a disciplined
approach to investment and implementing distinctive strategies to deliver consistent market-leading returns.
The Private Investments business pursues a multi-asset investment approach focused on direct investments,
with the flexibility to deploy capital across diverse sectors and geographies. The business leverages extensive
international business networks to source deals and form co-investment partnerships.
Counting Mubadala Investment Company as an anchor shareholder, Waha Capital is at the forefront of Abu
Dhabi’s increasingly dynamic and entrepreneurial financial services ecosystem, creating long-term value for
shareholders, fund investors, employees, and communities.
Further Information for Media and Investors
For further information on Waha Capital and its investment capabilities, please visit wahacapital.com
For media enquiries, please contact: For investment enquiries, please contact:
Ameera Khalid Maher Mansour
Vice President, Investor Relations & External Head of Investor Relations & External
Communications Communications
Waha Capital Waha Capital
Tel: +971 2 403 9346 Tel: +971 2 403 9305
E-mail: communications@wahacapital.ae E-mail: investor.relations@wahacapital.ae
WAHA CAPITAL 5

Sentiment: neutral