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INDUSTRIAL ASSET BOOST

Al Nowais .... to build on efforts to support the UAE industrial development.

Senaat revenue soars to $3.64bn in 2014

ABU DHABI, April 4, 2015

Abu Dhabi's General Holding Corporation (Senaat) has reported robust financial performance for 2014 with the group's revenue increasing by 16 per cent to Dh13.4 billion ($3.64 billion) compared to Dh11.6 billion ($3.15 billion) the previous year.

One of the UAE's largest industrial holding companies, Senaat said its earnings before interest, tax and depreciation (Ebitda) jumped nine per cent to Dh2.1 billion ($571 million) for the fiscal year ending December 31, 2014, backed by resilient financial performance delivered across portfolio companies operating in different sectors.

The Emirati firm continued to deliver consistent results sustaining a strong balance sheet with a five per cent jump in net profit which soared to Dh923 million ($251 million).

This reflects strong performance delivered across the group’s operating companies in 2014, it added.

Senaat continued to strengthen its industrial asset portfolio, which has grown by nearly Dh2 billion ($544 million) annually over the last nine years.

The company's total assets soared to Dh26.8 billion ($7.3 billion), said the Abu Dhabi group.

Commenting on the results, chairman Hussain Jasim Al Nowais said Senaat had completed the year with robust revenue and profit growth despite a volatile economic environment, thanks to its flexible business model and ability to weather the impact of market volatility and economic cycles.

The company is making major strides in realising the Abu Dhabi Economic Vision 2030 of diversifying the Emirate’s economy and income away from oil and to strengthening its industrial sector, he stated.

According to him, the company invested nearly Dh1 billion ($272 million) into the industrial sector last year, raising the group's total industrial investments to over Dh18 billion ($4.9 billion).

"Senaat will continue to build on efforts to support the industrial development of Abu Dhabi and the UAE," he added.

Al Nowais said Senaat had built competitive, world-class businesses in sectors that include metals, oil and gas services, construction and building materials and food and beverages.

The company, he stated, plans to invest an additional Dh5 billion ($1.36 billion) into industrial projects over the next two years.

“We have identified a number of attractive options into which we intend to invest, as we continue to seek opportunities to diversify our portfolio and deploy capital to fuel the growth of Abu Dhabi’s industrial asset base,” he added.-TradeArabia News Service




Tags: abu dhabi | Revenue | Senaat |

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