Senaat’s first-half profit up 20%

Senaat General Holding Corporation, the Abu Dhabi government owned industrial group, posted a 20 per cent rise in net profit for the first half of 2015, the company said in a statement on Saturday.

  

Sunday, Aug 02, 2015

Abu Dhabi: Senaat General Holding Corporation, the Abu Dhabi government owned industrial group, posted a 20 per cent rise in net profit for the first half of 2015, the company said in a statement on Saturday.

The net profit of the company reached Dh453 million in the first half of this year, while earnings before interest, tax and depreciation (Ebitda) surpassed Dh1 billion, up 18 per cent from the same period last year.

Senaat’s revenues for the first half of this year were Dh6.8 billion, up 2.5 per cent from Dh6.6 billion in the same period last year.

Hussain Jasim Al Nowais, Senaat chairman, said the group has multiple investment plans and strategic projects in the pipeline, which will contribute further to the diversification of Abu Dhabi’s industrial base and increase the contribution of the non-oil industrial sector in the emirate’s gross domestic product.

“Senaat will continue to seed its own investments through using its own profits and through a prudent approach to debt which is supported by the confidence of financial institutions in the company’s ability to fulfil its future obligations,” he said.

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, the industrial group established Al Gharbia Pipe Company, a joint venture with two of Japan’s leading companies in the steel industry.

Al Nowais expects the company to continue on its growth trajectory for years to come.

“All success factors are available for Senaat to continue to grow and perform well. It has the financial strength, qualified and competent Emirati management team and a clear investment vision. I am confident that Senaat will continue to successfully deliver on the government’s vision and contribute to its diversification efforts.”

The industrial group’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.

Senaat is a key contributor to Abu Dhabi’s Economic Vision 2030, which aims to diversify economic sectors in the emirate and reduce reliance on hydrocarbon exports as a major source of income. It manages more than Dh26.8 billion of industrial assets and employs more than 19,500 people.

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