Senaat, one of the largest industrial investment holding companies in the UAE, has announced a solid revenue growth in 2016 which surged to Dh13.4 billion ($3.64 billion), thanks to its disciplined financial strategy and a diversified portfolio with investments in different sectors.

Announcing its group financial results for the fiscal year ended December 31, 2016, Senaat said it remains self-sufficient and continues to reinvest profits for future growth.

In FY 2016, the group made new investments of nearly Dh1 billion in industrial assets, a reflection of its commitment to the future growth in the emirate. Total assets for the group reached Dh27.4 billion in FY 2016, an increase of Dh601 million from the previous year, representing a compounded annual growth rate of 18 per cent since Senaat’s inception in 2004.

The company said its operating companies delivered a solid performance in 2016, reflecting the resilience of its business model.

The revenues of Dh13.4 billion were marginally lower compared to the previous year's figure of Dh14 billion and total EBITDA also declined slightly to Dh1.8 billion. The group’s performance reflects its disciplined financial strategy and is also testament to the diversified nature of its portfolio, it stated.
 
Senaat remains self-sufficient and continues to reinvest profits for future growth. In FY 2016, the group made new investments of nearly Dh1 billion in industrial assets, a reflection of its commitment to the future growth in the emirate of Abu Dhabi.

Total assets for the group reached Dh27.4 billion in FY 2016, an increase of Dh601 million from the previous year, representing a compounded annual growth rate of 18 per cent since Senaat’s inception in 2004.
 
On the solid 2016 performance, Senaat's chairman Hussain Jasim Al Nowais said: "When you have a long-term vision, you have to operate successfully in different market cycles and adapt to the changing environment. It was a year where we continued to show our resilience as a group and also contribute to the diversification of Abu Dhabi’s economy and the realisation of the 2030 Economic Vision for the emirate."
 
"We remained focused on delivering the best value to our shareholder by following a prudent financial strategy and investing selectively across the industrial sector," remarked Al Nowais.

"This contributed to a solid financial performance for FY 2016 in spite of global, macro-level challenges. Looking ahead, we will continue to follow a conservative, highly targeted financial approach and look for new ways to develop greater synergies throughout our portfolio. Senaat has laid a solid foundation for future growth and will continue to achieve its overall objective of developing the industrial sector in Abu Dhabi," he added.
 
CEO Jamal Salem Al Dhaheri pointed out that the past year was a proof of the importance of having a diversified portfolio with investments in different sectors.

"While some of our businesses faced challenges endemic to their global industries, others had a highly successful year, such as food and beverages manufacturing which witnessed strong revenue growth, and cables manufacturing which saw an increase in sales volumes. Indeed, the UAE food and beverage market is expected to continue to grow to more than $13.2 billion by 2018," he noted.
 
"Our portfolio companies in the metals, building materials and oil and gas services sectors are successfully combatting adverse market conditions through innovating new products and exploring new markets. Despite the market cycle we are in, our portfolio remains strong, and our financial position is solid as we progress into the new year," he added.-TradeArabia News Service