Senaat’s revenues exceed AED14bn

ABU DHABI / WAM

Senaat General Holding Corporation (“Senaat” or “the Group”), a leading industrial holding company in Abu Dhabi, has recorded a strong performance for the year, registering revenues of approximately AED 14.04 billion for FY 2015, a 5 per cent increase from AED 13.42 billion in revenues achieved in FY 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 AED 2 billion for FY 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.
Commenting on the results, Senaat Chairman, Hussain Jasim Al Nowais, said, “FY 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 centred 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 Inc. 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.
Al Nowais continued, “Through strategic investments and the development of these portfolio companies, and a committed and highly involved senior management team, Senaat is well positioned for future growth. Senaat currently manages more than AED 26.8 billion of industrial assets on behalf of the Government of Abu Dhabi. Looking ahead to 2016, we will continue to implement strategies across our Group to optimise results, and allow us to adapt to the changing global economic environment.”