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Al Nowais.. ' Senaat is a key contributor to Abu Dhabi's industrial sector'

Senaat's H1 earnings up 18pc

ABU DHABI, August 1, 2015

Senaat, a leading industrial investment holding firm in the UAE, has registered over Dh1 billion ($272.2 million) in EBTIDA (earnings before interest, taxes, depreciation, and amortization) during the first half of the year, up 18 per cent from H1 2014.

The company’s net profit also grew by 20 per cent to Dh453 million ($123.3 million) in H1 2015.
 
Over the last decade, Senaat successfully grew its profits and enhanced its sustainable income sources as it doubled its EBITDA and increased its total assets by more than seven times.

Senaat’s revenues for the first half of this year were Dh6.8 billion ($1.8 billion), up 2.5 per cent from Dh6.6 billion ($1.7 billion) in the same period last year.
 
Hussain Jasim Al Nowais, chairman of Senaat, said: “Senaat strived since it was reincorporated in 2004 to achieve three key goals. The first is contributing significantly and effectively to the development of the UAE's industrial sector. The second is the development of qualified national cadres capable of leading and managing industrial enterprises and investments. While the third goal is to strengthen the company’s financial position and create sustainable revenue sources that will enable it to execute the government’s vision and implement its investment plans without burdening the government financially.”
 
“Senaat also played an important role in encouraging the private sector to invest in the industrial sector”, said Al Nowais. “This was done by partially divesting ownership in two of our portfolio companies, specifically Agthia Group and Arkan Building Materials, and through the creation of Public Private Partnerships that helped us bring technical know-how and advanced technologies to the UAE as clearly demonstrated in the National Petroleum Construction Company (NPCC).”
 
The company’s achievement in developing a generation of competent and highly qualified national talent is manifested in its own senior management team which is 100 per cent Emirati.

Emiratisation is a strategic priority for Senaat and its efforts have resulted in 54 per cent of all employees at the holding level being nationals. Through dedicated recruitment and training programmes, the company managed to grow the number of Emirati technicians and experts at its portfolio companies and it continues to invest in new programmes that could help cultivate the next generation of Emirati industrialists.

Financially independent, Senaat re-invests its profits to further develop its existing companies and establish new projects as it continues to expand its portfolio of companies. Earlier this year, Senaat established Al Gharbia Pipe Company, a joint venture with two of Japan's leading companies in the steel industry.
 
Senaat's portfolio includes Emirates Steel (ES), National Petroleum Construction Company (NPCC), Arkan Building Materials Co, Agthia, Al Foah and Ducab, which is a joint venture between the governments of Abu Dhabi and Dubai. The portfolio also includes two companies under development; Taweelah Aluminium Extrusion Company (Talex) and Al Gharbia Pipe Company. – TradeArabia News Service




Tags: abu dhabi | industry | Revenue | Senaat |

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