Waha Capital's first-half profits tumbled 90 per cent after the investment company took provisions against ageing aircraft it leases and made a one-off gain from investment sales in the same period of last year.
Net profits fell to Dh3.5 million from Dh38.5m during the year earlier period, the Abu Dhabi-based company said yesterday.
But it said core investments such as aircraft leasing company AerCap Holdings, oil and gas services firm Stanford Marine Group and Waha's financial advisory business still performed well despite uncertain global conditions.
The firm also said Salem Al Noaimi was moving from chief executive to a new role as managing director.
The move is intended to strengthen the company's leadership as it evolved into an investment management firm in the coming years, said Hussain Jasim Al Nowais, the chairman of Waha Capital.
"The executive management team will continue to work on building a dynamic investment company aimed at creating shareholder value," Al Nowais said. "We are focused on becoming a sophisticated investor, allowing our teams to eventually step away from the day-to-day operations of our holdings, and to concentrate on pursuing new investment opportunities and extracting maximum returns for our shareholders and partners."
Total operating expenses in the first six months were Dh111.3m, compared to Dh111.4m in the year earlier period. Total assets were unchanged from the end of the year at Dh4.2bn.