Waha Capital Shareholders Greenlight 10 Fils Dividend, Board Seat Increase For 2023

At the recent Annual General Meeting (AGM) held on Tuesday, shareholders of Waha Capital, a prominent Abu Dhabi-listed investment management firm, endorsed a cash dividend distribution of 10 fils per share for the financial year 2023. This payout includes a special dividend of 1.5 fils per share, reflecting the company's strong financial performance and commitment to rewarding its shareholders.

In a strategic move to bolster governance and oversight, the AGM saw the approval of an increase in the number of board seats from seven to nine. This decision aligns with Waha Capital's growth trajectory and strategic goals while adhering to relevant regulatory frameworks. The election process concluded with the re-election of six board members and the introduction of three new members, enhancing the board's diversity and expertise.

Further demonstrating its commitment to social responsibility, Waha Capital received shareholder approval to allocate up to 1% of its 2023 net profit towards Corporate Social Responsibility (CSR) initiatives. This initiative underscores the company's dedication to contributing positively to society and the environment.

Waleed Al Mokarrab Al Muhairi, re-appointed as Chairman following the AGM, highlighted the company's resilience amidst economic uncertainties and market volatilities. He attributed the decision to propose a dividend to Waha Capital's robust financial results and operational excellence in the past year.

The AGM was also a moment for reflection on the company's financial achievements in 2023. Waha Capital reported a notable 28% increase in net profit, amounting to AED440 million. This growth is partly attributed to the success of Waha Investment, its wholly-owned asset management subsidiary, which reported a net profit of AED639 million. The subsidiary's assets under management swelled to AED8.8 billion, buoyed by significant new capital commitments from third parties.

The re-appointment of key leadership positions within the board, including Waleed Al Mokarrab Al Muhairi as Chairman, Ahmed Al Dhaheri as Vice Chairman, and Mohamed Hussain Al Nowais as Managing Director, marks a continuity in leadership that is poised to steer Waha Capital towards achieving its long-term strategic objectives.

Waha Capital's AGM outcomes reflect a forward-looking approach that balances shareholder returns with strategic growth and social responsibility. The expansion of the board and the emphasis on CSR initiatives are indicative of a broader strategy aimed at sustainable development and value creation for all stakeholders.

With inputs from WAM