We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 3 Apr 2018 01:56 PM

Font Size

- Aa +

UAE industrial giant posts 18% jump in revenues

Abu Dhabi-based Senaat says revenues rise to more than $4.3bn for full-year 2017

UAE industrial giant posts 18% jump in revenues
Jamal Salem Al Dhaheri, CEO of Senaat.

Senaat, one of the largest industrial investment holding companies in the UAE, today announced an 18 percent increase in revenue to AED16 billion ($4.36 billion) in 2017.

The company also posted earnings before interest, taxes, depreciation, and amortization (EBIDTA) of AED2.1 billion, up 16 percent compared to 2016. It did not give a figure for net profit.

In addition, the financial results of Abu Dhabi-based Senaat confirmed total assets reached to AED27.2 billion at year-end, representing a compounded annual growth rate of 18.3 percent since its establishment in 2004.

Hussain Jasim Al Nowais, chairman of Senaat, said: “In FY 2017, Senaat invested AED1.2 billion in assets. The company continues to self-finance its growth, and reinvesting profits to further develop its asset base.”

Jamal Salem Al Dhaheri, CEO of Senaat, added: “The diversified nature of our portfolio is one of the main factors that supported Senaat to deliver an excellent overall performance during the past few years.

“Our overall strategy is to promote efficiency and innovation to control production costs that have been increased due to various global industry challenges. Our portfolio companies demonstrated their ability to achieve efficiencies, create innovative solutions and develop skills for our continuously changing market.

"This helped to increase productivity and lower costs. In addition, the portfolio companies expanded into new markets and introduced products with added value, catering to the demands of our international customers.”

Digital magazine: Read the latest edition of Arabian Business online

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.