Q4 2025 Al Waha Capital PJSC Earnings Call Transcript
Key Points
- Al Waha Capital PJSC (ADX:WAHA) reported one of its strongest profit years on record, with net profit attributable to shareholders exceeding a billion dirhams.
- The asset management business surpassed $3 billion in assets under management, reflecting consistent performance and growing investor confidence.
- The company successfully exited a significant portion of its investment in Optasia, delivering a 4x return on invested capital and a 25% internal rate of return (IRR).
- A share buyback of up to 10% of issued share capital was announced, reflecting confidence in the business and aiming to enhance shareholder returns.
- Waha Capital opened offices in ADGM, strengthening its position in Abu Dhabi's financial center and enhancing access to institutional and third-party capital.
- The change in reporting presentation led to a decrease in reported total assets from AED14.2 billion to AED5.6 billion, which may cause confusion despite being a presentational change.
- Despite strong performance, the intrinsic value of the company is not fully reflected in its current market valuation, prompting the share buyback.
- The company has not yet redeployed proceeds from the exit in private investments, indicating potential delays in capital allocation.
- There is a reliance on continued growth in specific sectors such as healthcare and logistics, which may pose risks if these sectors underperform.
- The company's financial performance is heavily reliant on market conditions and fair value uplifts, which can be volatile and unpredictable.
Good morning. Thank you for attending today's Waha Capital Qarter 4 fiscal year earnings call. My name is Sarah, and I'll be your moderator today. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. (Operator Instructions). I would like to pass the conference over to our host (inaudible). Please go ahead.
Thank you, Sarah. Good morning everyone, and thank you for joining us today. This is (inaudible) and on behalf of Arcom Capital, I'm pleased to welcome you to Waha Capital's Q4 FY 2025 earnings conference call.
I have with me here today from Waha Capital Management, Mr. Mohammad Hussein Al Nowais, the managing director, and Mr. James Finucane, the Chief Financial Officer. Without any further delay, I'll now turn the call over to the MD, Mr. Mohammed. Over to you.
Thank you very much. Good morning, everyone, and thank you for
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