Shares in Waha Capital fell sharply on Thurs as the company reported a drop in earnings | ZAWYA MENA Edition

Shares in Waha Capital fell sharply on Thurs as the company reported a drop in earnings | ZAWYA MENA Edition:

Shares in Waha Capital dropped to their daily limit on Thursday, after the company reported lower fourth quarter (Q4) earnings for 2018.

Q4 2018 net loss attributable to shareholders amounted to 150.1 million UAE dirhams ($40.9 million), compared to a net profit of 158.1 million UAE dirhams for Q4 2017.

“The company announced weak results in Q4 and a drop in their income for the whole year of around 32 percent, impacting the shares' profitability (net profit/total income) which was reduced from 23 fils in 2017 to 8 fils in 2018,” Amer Saqfelhait, trading manager of capital markets at Al Mal Capital, told Zawya.