Investor Presentation
FY2024, Second Quarter
Contents
3
4
5
6
8
10
About Waha Capital | 11 |
Financial Highlights | 12 |
Key Metrics | 13 |
Financial Performance | 14 |
Business Pillars | |
Waha Investment Performance |
Private Investments
Waha Land
Outlook
Appendix
Investor Presentation, Second Quarter, FY2024 | 2 |
About Waha Capital
Core Institutional Strength
Established | Listed on the | Strong | Capital markets | Total assets |
in 1997 | Abu Dhabi | institutional | strategies | under |
Securities | backing: | launched in 2012 | management: | |
Exchange (ADX) | Mubadala is the | AED 10.9 bn* | ||
with market cap of | largest, strategic | *as of 30 June 2024 | ||
AED 2.9 Bn* | shareholder |
Symbol: WAHA
*as of 15 Aug 2024
Investor Presentation, Second Quarter, FY2024 | 3 |
H1 2024
Financial Highlights
Net Profit* | Waha Investment Net Profit | Private Investments Net Profit | ||||||||
AED 205m | AED 135m | AED 141m | ||||||||
vs AED 169m YoY | vs AED 308m YoY | vs AED (26)m YoY | ||||||||
Total Assets | Assets Under Management (AUM) | Waha Investment AUM | ||||||||
AED 13.8bn | AED 10.9bn | AED 9.2bn | ||||||||
vs AED 13.5 bn as at 31 Dec 2023 | vs AED 9.0bn YoY | vs AED 8.8bn as at 31 Dec 23 | ||||||||
* Attributable to Owners of the Company
Waha Land Net Profit
AED 17m
vs AED 16m YoY
Private Investments & Waha Land AUM
AED 1.6bn
vs AED 1.6bn as at 31 Dec 2023
Investor Presentation, Second Quarter, FY2024 | 4 |
H1 2024
Key Metrics
Dividend YieldReturn on Investments Return on Average Equity Return on Average Assets
5.6% | 16.3% | 13.1% | 6.4% | |||
AED 0.10 | As of 30 June 2024 | As of 30 June 2024 | As of 30 June 2024 |
12-month dividend
Based on prior four quarters' investment return | Based on prior four quarters' contribution to Waha |
Capital shareholders |
Based on prior four quarters' contribution to all shareholders, including minorities
Annual Dividend | Return on | Return on Average | Return on Average | ||||
Yield | Investments | Equity | Assets | ||||
5.9 | 16.3 | 13.1 | 7.0 | ||||
5.6 | 15.0 | 12.6 | 6.4 | ||||
% | % | % | % | ||||
2023 | 2022 | H1 2024 | H1 2023 | H1 2024 | H1 2023 | H1 2024 | H1 2023 |
Investor Presentation, Second Quarter, FY2024 | 5 |
H1 2024
Financial Performance
Summary
- Net operating income of AED 529m in H1 2024 (H1 2023: AED 500m)
- Waha Investment: AED 329m (H1 2023: AED 481m) as a result of strong performance driven by fee income
- Private Investments: AED 163m(H1 2023: AED -4m) due to mark-to-market gains on several portfolio assets
- Waha Land: AED 27m (H1 2023: AED 24m) of steady rental income
- H1 2024 G&A expenses of AED 123m, AED 2m higher than prior year
- H1 2024 Finance costs of AED 135m, higher by AED 73m from last year due to increase in interest rates
- Net profit* of AED 205m (H1 2023: AED 169m) driven by continuing strong performance from the three business pillars
*Attributable to owners of the Company
Net Profit by Segment* (AED million)
94.00
308.00141.00
17.00 | 16.00 | |
-26.00 | ||
H1 2024 | H1 2023 | -89.00 |
-129.00
AED m | H1 2024 | H1 2023 |
Total Income | ||
529 | 500 | |
Total Expense | (259) | (182) |
Net Profit before tax | 269 | 318 |
Profit - Owners of the Company | 205 | 169 |
Profit - Non controlling interests | 65 | 149 |
Investor Presentation, Second Quarter, FY2024 | 6 |
Q2 2024
Financial Performance
Summary
- Net operating income of AED 111m in Q2 2024 (Q2 2023: AED 259m)
- Waha Investment: AED -17m (Q2 2023: AED 243m)
- Private Investments: AED 115m (Q2 2023: AED 4m)
- Waha Land: AED 13m (Q2 2023: AED 12m)
- Q2 2024 G&A expenses of AED 49m, AED 10m lower than prior year
- Q2 2024 Finance costs of AED 72m, higher by AED 42m from last year mainly due to higher interest rates
- Net profit* of AED 38m (Q2 2023: AED 94m) driven by continuing strong performance from the three business pillars
*Attributable to owners of the Company
Net Profit by Segment* (AED million)
155.00 | ||||
104.00 | ||||
7.00 | 8.00 | |||
-3.00 | ||||
-32.00 | Q2 2024 | Q2 2023 | -42.00 | |
-66.00 | ||||
Public Markets | Private Investments | Waha Land | Corporate |
AED m | Q2 2024 | Q2 2023 |
Total Income | ||
111 | 259 | |
Total Expense | (121) | (88) |
Net Profit before tax | (12) | 171 |
Profit - Owners of the Company | 38 | 94 |
Profit - Non controlling interests | 50 | 77 |
Investor Presentation, Second Quarter, FY2024 | 7 |
Waha Capital
Business Pillars
Waha Investment
- Emerging markets specialist asset manager (wholly owned subsidiary)
- Offering blend of long-short and long-only strategies through Waha Emerging Markets Credit Fund, Waha MENA Equity Fund and Waha Islamic Income Fund
- 10-yeartrack record of consistent positive performance and measurable alpha generation
- Waha Investment now manages over US$2.0 bn across strategies
- Solid team of senior investment
professionals with significant experience at international blue- chip financial institutions
Private Investments
- Deploy capital globally and across sectors, capital structures and asset classes
- Comprised of two complimentary portfolios - "Global Opportunities" and "Core
- Solid team of investment professionals bring high quality and diverse experiences in the private markets space globally
Waha Land
- Wholly owned subsidiary of Waha Capital
- Development offers high quality facilities and infrastructure and is situated on a 6 km2 plot in Al Dhafra
- Maximise shareholder returns by developing, constructing, leasing and stabilizing the assets, and then monetizing the leased units as well as the serviced lands
Investor Presentation, Second Quarter, FY2024 | 8 |
Waha Investment Performance
Waha EM Credit Fund
Fund performance
325
300
275
250
225
200
175
150
125
100
Dec-11Dec-12Dec-13Dec-14Dec-15Dec-16Dec-17Dec-18 | Dec-19Dec-20Dec-21Dec-22Dec-23 | |||
Waha Emerging Markets Credit Fund | JPEIDIVR Index | |||
*Please note the reference index is not to be used as a benchmark for performance as it is not a direct comparison
Waha EM Credit Fund Net Performance
Vs Index Performance
40.00
30.00
20.00
10.00
0.00 | |||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||
-10.00 | |||||||||||||||
-20.00 | |||||||||||||||
-30.00 | Waha EM Credit Fund | Index Performance | |||||||||||||
Data as of 31at December 2023. Inception of the Fund refers to 01/01/2012.
Please remember that past performance is not indicative of future results.
10.1% H1 2024
EM Credit Fund
Net Return1
2.3% H1 2024
Benchmark Net
Return1
235.6% Since inception (Jan '12)
EM Credit Fund Net
Cumulative Return2
56.3% | Since inception (Jan '12) |
Benchmark Net | |
Cumulative Return2 | |
Data presented is as of 30 June 2024
1 Please note the reference index not to be used as a benchmark for performance as it is not a direct comparison, source Bloomberg LLP
2 Inception date of Fund is 1st Jan 2012
3 Risk Statistics are calculated on returns net of fees since 2015. The performance data presented represents past performance, which is no guarantee of future results
4 The name of the fund was formally changed from Waha CEEMEA Credit Fund SP to Waha Emerging Markets Credit Fund SP in May 2023
Investor Presentation, Second Quarter, FY2024 | 9 |
Waha Investment Performance
Waha Islamic Income Fund
Fund performance
180 | H1 2024 |
170 | |
160 | 2.6% | Islamic Income | ||||||||||||
150 | Fund Gross Return2 | |||||||||||||
140 | ||||||||||||||
130 | ||||||||||||||
120 | ||||||||||||||
110 | Dec-16 | Dec-17 | Dec-18 | Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | 0.6% | H1 2024 | ||||
Dec-15 | Return2 | |||||||||||||
100 | Benchmark Gross | |||||||||||||
90 | WIIF | Dow Jones Sukuk Index | ||||||||||||
*Please note the reference index not to be used as a benchmark for performance as it is not a direct comparison **Inception date refers to the long-term track record of the strategy and is 01/01/2016
Waha Islamic Income Fund Gross Performance
Vs Index Performance
29.8% | Since inception (Aug '20) |
Islamic Income Fund | |
Gross Cumulative Return2 |
12.00% | ||||||||||||
10.00% | 0.8% | Since inception (Aug '20) | ||||||||||
8.00% | ||||||||||||
6.00% | Benchmark Gross | |||||||||||
4.00% | ||||||||||||
2.00% | Cumulative Return2 | |||||||||||
0.00% | ||||||||||||
2020 | 2021 | 2022 | 2023 | |||||||||
-2.00% | Data presented is as of 30 June 2024. | |||||||||||
-4.00% | ||||||||||||
-6.00% | 2 gross of fees | |||||||||||
-8.00% | ||||||||||||
-10.00% | Islamic Income Fund | Index Performance | ||||||||||
Data as of 31st December 2023.
Please remember that past performance is not indicative of future results.
Investor Presentation, Second Quarter, FY2024 | 10 |