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Tue 4 Jul 2017 02:05 PM

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UAE industrial investment giant says revenues slip in 2016

Senaat announces revenues of $3.65bn for full year 2016; says continues to invest in Abu Dhabi's future

UAE industrial investment giant says revenues slip in 2016

Senaat, one of the largest industrial investment holding companies in the UAE, on Tuesday announced revenues of AED13.4 billion ($3.65 billion) for the full fiscal year of 2016.

The group’s operating companies delivered a solid performance in 2016, reflecting the resilience of its business model, it said in a statement.

Revenues fell marginally lower compared to the previous year and total EBITDA also declined slightly to AED1.8 billion, the company added.

Senaat said it remains self-sufficient and continues to reinvest profits for future growth.

In FY 2016, the group said it made new investments of nearly AED1 billion in industrial assets, a reflection of its commitment to the future growth in Abu Dhabi.

Total assets reached AED27.4 billion, an increase of AED601 million from the previous year.

Hussain Jasim Al Nowais, chairman of Senaat, said: “We remained focused on delivering the best value to our shareholder by following a prudent financial strategy and investing selectively across the industrial sector.

"This contributed to a solid financial performance for FY 2016 in spite of global, macro-level challenges. Looking ahead, we will continue to follow a conservative, highly targeted financial approach and look for new ways to develop greater synergies throughout our portfolio. Senaat has laid a solid foundation for future growth and will continue to achieve its overall objective of developing the industrial sector in Abu Dhabi.”

Jamal Salem Al Dhaheri, CEO of Senaat, added: “Our portfolio companies in the metals, building materials and oil and gas services sectors are successfully combatting adverse market conditions through innovating new products and exploring new markets. Despite the market cycle we are in, our portfolio remains strong, and our financial position is solid as we progress into the new year. I remain highly confident in the future potential of our group companies as we continue to pursue this proven strategy.”

He said 2016 also saw significant progress in major projects for the Group, including the April 2016 ground-breaking of the Al Gharbia Pipe Company plant, a joint venture between Senaat and Japanese partners JFE Steel Corporation and Marubeni-Itochu Steel Inc.

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