Al Waha Capital : Consolidated financial statements for the year ended 31 December 2021

Consolidated financial statements

for the year ended 31 December 2021

www.wahacapital.ae

TABLE OF CONTENTS

01		02		08
Chairman's report		Independent auditor's		Consolidated statement
		report		of financial position

09		10		11
Consolidated statement		Consolidated statement		Consolidated statement
of profit or loss		of profit or loss and other		of changes in equity
		comprehensive income

12		13
Consolidated statement		Notes to the
of cash flows		consolidated financial
		statements

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Chairman's Report

Dear Shareholders,

I am pleased to report that Waha Capital PJSC achieved a net profit of AED 391 million in 2021, an increase of 69% from the previous year. The company displayed considerable resilience during a challenging macroeconomic environment, characterised by heightened geopolitical uncertainty, ongoing disruption due to the COVID-19 pandemic, and rising global inflation.

Despite this, I am proud to report the Company continued to develop and position both the Public Markets and Private Investments businesses for further growth. Waha Capital's total assets under management (AUM) grew to AED 5.84 billion, by year end.

2021 saw the Public Markets business reach US$ 1.2 billion of assets under management, a significant milestone that creates new opportunities for our funds to attract a wider range of institutional investors as well as larger ticket sizes. Our flagship credit and equity funds outpaced relative industry benchmarks during the year, continuing their remarkable multi-year track record of outperformance, and producing attractive returns on both our own invested capital and for third-party investors.

The second half of 2021 saw the Private Investments business activate a new investment strategy. With a new team in place, the business began to deploy capital in line with its flexible "Global Opportunities" strategy, making its first investments in this portfolio with further transactions in the pipeline for next year. Following a strategic review, the team has continued to implement a multi-year value creation plan for its Core and Legacy portfolios.

While the international operating environment remains uncertain, Waha Capital's strong financial and operating performance in 2021 provides a solid foundation for future growth.

I would like to take this opportunity to express my gratitude to the UAE's leadership for their unparalleled efforts to steer both the country and the economy through what remains of the pandemic.

I would also like to thank the management and employees at Waha Capital for their contributions, and to congratulate them for achieving strong financial results in 2021.

Waleed Al Mokarrab Al Muhairi

Chairman

Waha Capital