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Sat 4 Apr 2015 05:51 PM

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Abu Dhabi's Senaat posts 5% rise in 2014 net profit

State-owned industrial group says revenues rise by 16% last year as profits reach more than $250m

Abu Dhabi's Senaat posts 5% rise in 2014 net profit
(Photo for illustrative purposes only)

Abu Dhabi's General Holding Corp (Senaat), a major state-owned investor in the emirate's industrial sector, posted a 5 percent rise in net profit for 2014, the company said in a statement on Saturday.

The company said net profit reached 923 million dirhams ($251.3 million) last year, while earnings before interest, tax and depreciation (EBIDTA) rose 9 percent to 2.1 billion dirhams in 2014, compared with 1.9 billion dirhams in 2013.

Senaat's revenue increased by 16 percent to 13.4 billion dirhams in 2014 from 11.6 billion dirhams a year earlier, as the company's total assets reached 26.8 billion dirhams.

Senaat plans to invest 5 billion dirhams ($1.4 billion) in industry over the next two years as Abu Dhabi diversifies its economy away from oil. In the past five years, it invested 16 billion dirhams in Abu Dhabi.

The company, which has shelved plans to go public but instead is considering options to sell shares in one of its subsidiaries, has said will focus on basic downstream industries whose products can be used locally, such as pipe manufacturing.

"We have identified a number of attractive options into which we intend to invest, as we continue to seek opportunities to diversify our portfolio and deploy capital to fuel the growth of Abu Dhabi's industrial asset base," Hussain Jasim al-Nowais, chairman of Senaat said in the statement on Saturday.

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