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Abu Dhabi’s SENAAT sees revenues rise to Dhs16.3bn

Abu Dhabi’s SENAAT sees revenues rise to Dhs16.3bn

The value of the holding company’s industrial assets portfolio rose to Dhs27.3bn

Abu Dhabi’s government-owned Industrial investment holding company SENAAT has announced revenue of Dhs16.3bn ($4.44bn) for 2018 – a 3.5 per cent increase over the previous year’s figure of Dhs15.7bn ($4.28bn).

The group’s earnings before interest, tax, depreciation and amortisation increased by 20 per cent to more than Dhs2.5bn ($680m) in 2018, while its industrial assets portfolio reached Dhs27.3bn ($7.4bn) by the end of the year, representing a compound annual growth rate of 15.5 per cent since SENAAT’s inception in 2004.

Meaning ‘industries’ in Arabic, SENAAT is one of the UAE’s largest industrial investment holding companies, mandated to create, acquire and optimise industrial businesses in Abu Dhabi and elsewhere. Its portfolio includes companies such as Emirates Steel, Ducab, Arkan, Agthia, and more.

Dr Mohamed Rashed Al Hameli, chairman of SENAAT, said: “These strong financial results reflect the resilience of SENAAT’s business model, and its adaptability and sustainability in the face of volatile and challenging market conditions. We are proud of the company’s remarkable achievements in its different sectors and we look forward to continuing this growth and capitalising on investment opportunities to maximise shareholder value.”

The company’s CEO, Jamal Salem Al Dhaheri, added: “SENAAT has once again delivered solid financial performance, which demonstrates its ability to deliver stable returns for our shareholder. We must also remember the efforts of all our portfolio companies, whose management teams and staff deserve great credit for their contributions. We look forward to building on this growth trajectory and expanding our businesses.

 

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