UAE Waha Capital switched to profitability in the second quarter of 2020 to record net profit (attributable to the owners of the company) at a value of AED 267.2 million, compared to a net loss of 124, 4 million dirhams in the second quarter of 2019.
According to the statement, the total income was 571.3 million dirhams, an increase of 8.5 times the total income recorded for the second quarter of 2019, amounting to 60.0 million dirhams. p>
In spite of the difficult economic landscape due to the continuing pandemic of the emerging Corona virus, as a benefit of 19, the company recorded in the second quarter of 2020 a performance that is the strongest among the quarterly performance results, which contributes strongly to Company results for the rest of the year overall.
This comes after major changes in the company's senior management in 2019. The asset management unit continued to achieve returns above market rates, while the Private Investment Unit managed to improve its position The investment amounted significantly compared to the previous period.
The early forecasts of the company's results were affected by the Covid 19 pandemic, as it adopted a strong growth strategy during the first half of 2020. The exceptional financial results for the second quarter reflected the strength and strength of the company in the term the long. It was remarkable among the decisions taken during this period to start an investment program for listed companies in the United States, with a value of approximately $ 120 million, across multiple segments.
This program, which lasts until the second half of the year, includes minority ownership in health care, technology and communications companies, allowing representation for executive management and maximum flexibility for the investment period. p>
The Asset Management Unit completed the creation of a new fund that complies with the provisions of Islamic Sharia and is expected to be launched in the early second half of 2020. This came in response to strong demand from investors On such investment services, and as a reflection of the Al Wahda team’s desire to expand the range of its offered products based on the continued success of its existing funds.
As for the financial results for the first half of 2020, the total income of the company amounted to 221.4 million dirhams, and this is in line with the income of the previous period of 249.2 million dirhams, and this came Driven by the income generated by the asset management unit. Second quarter revenue was 571.3 million dirhams.
(Amazon fun of knowledge)
