GHC posts $408 million profit
Abu Dhabi, April 21, 2012
Abu Dhabi-based General Holding Corporation (GHC) has reported a net profit of Dh1.5 billion ($408.6 million) for 2011, compared to Dh1.3 billion in 2010.
Revenues rose to Dh11.5 billion in 2011 from Dh9.9 billion the year before.
The financial performance of GHC, one of the largest industrial investment and holding companies in the UAE, highlighted the positive progress made over the past three years and demonstrates the company's high degree of efficiency in managing its investment activities, said a statement.
Hussain Jasim Al Nowais, chairman of GHC, told a press conference: 'The company grew its total assets to Dh23.7 billion at the end of 2011 compared to Dh21.6 billion at the end of 2010. This represents a 30 per cent increase in assets which stood at Dh18.2 billion at the end of 2009.”
Al Nowais highlighted the progress of the company’s investments and portfolio with total industrial investments of Dh2.7 billion last year compared to Dh2.5 billion the year before.
He underlined the group’s stability and strong financial position. 'The company continues to generate strong cash flows from operating activities enabling the self-funding of its industrial investments and the maintenance of a balanced leverage policy.'
Eng Suhail Al Ameri, chief executive officer (CEO), said: “The company is a major player in helping execute Abu Dhabi’s diversification strategy to establish and develop its industrial sector.
“GHC has successfully implemented its strategy including the management of its investment portfolio, the creation of Private Public Partnerships (PPP), the privatization of assets as well as direct investments. This has been demonstrated across the group including at National Petroleum Construction Company (NPCC) which is a very successful example of a PPP,” Al Ameri said.
The year 2011 also saw a number of major operational developments and achievements for GHC including at Emirates Steel (ES), the largest integrated steel manufacturer in the UAE, where the commissioning of Phase II (A) took the project’s total capacity to more than 2 million tonnes and the overall investment to date to approximately Dh10 billion, Al Ameri said.
Ducab inaugurated a Dh500 million high/extra high voltage plant which will further serve the utilities market both in the UAE and abroad.
Al Ameri also highlighted that Agthia, an Abu Dhabi-based food and beverage group, acquired a Turkey-based natural spring water bottling plant with direct access to a natural spring water source, which will enable it to enter the higher-margin premium natural spring drinking water market in the UAE and the wider region.
GHC owns a portfolio of companies and factories including Emirates Steel (ES), National Petroleum Construction Company (NPCC), Ducab, Arkan Building Materials, Agthia, Al Foah dates processing company, Al Khaznah Tannery and global logistics provider Damco Abu Dhabi. - TradeArabia News Service