UAE- Senaat 2015 revenues exceed Dh14 billion

4/3/2016 8:35:19 PM

(MENAFN- Khaleej Times) Senaat General Holding Corporation or Senaat a leading industrial holding company in Abu Dhabi announced its financial results for the full year ended 31 December 2015.

The group recorded a strong performance for the year realising revenues of approximately Dh14.04 billion for 2015 a five per cent increase from the Dh13.42 billion in revenues achieved in 2014.

The increase in revenues reflects a stronger commercial performance across the Group's portfolio despite the slowing global economy and its effect on the regional and local markets. The group also succeeded in maintaining its Ebitda at approximately Dh2 billion for 2015.

Senaat's operational portfolio companies which contributed to the Group's financial performance include Al Foah Arkan Agthia Ducab Emirates Steel and NPCC. Senaat's portfolio also include three companies Talex Al Gharbia Pipes Company and Ducab Aluminium Company which are all currently under development. Once fully operational the three companies are expected to contribute to the aggregate top-line results for the group.

Hussain Jasim Al Nowais chairman Senaat said: "2015 marked a year of strong top-line growth for Senaat and its portfolio companies. Despite current economic challenges in the wider GCC region our strategy of diversification and contribution to Abu Dhabi's industrial sector is delivering results as evident in the financial success across our portfolio of companies.

"Senaat has succeeded in establishing industrial leaders with significant competitive capabilities in different sectors such as building materials oil and gas services metals and food and beverage business." Senaat as many other regional players in the industrial sector has and is facing regional and global economic challenges. This is more evident in the metals sector in the UAE where global competitors have been dumping products over the last year. However thanks to adopting a smart and flexible strategy focused on diversification and opportunistic investment Senaat was able to reduce the negative impact of the economy and achieve strong performance in 2015.

Al Nowais said: "These results are the outcome of our long-term strategy centered on contributing sustainably to the development of the industrial sector in Abu Dhabi. We will continue to establish industrial entities that will add to Abu Dhabi's efforts to diversify away from hydrocarbon industries."

In 2015 Senaat launched the Al Gharbia Pipe Company a joint venture with JFE Steel Corporation and Marubeni-Itochu Steel. Al Gharbia will create the UAE's first large-diameter sour service capable welded steel pipe project. The facility is expected to be operational in 2018 and will further enhance the group's capacity in the industrial sector and contribute to its revenues on a long-term basis.

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.