The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI / WAM
Senaat, one of the largest industrial investment holding companies in the UAE, announced its group financial results for the fiscal year ended 31st December, 2016.
The group’s operating companies delivered a solid performance in 2016, reflecting the resilience of its business model. Revenues of AED 13.4 billion (2015: AED 14.0 billion) were marginally lower compared to the previous year and total EBITDA also declined slightly to AED 1.8 billion. The group’s performance reflects its disciplined financial strategy and is also testament to the diversified nature of its portfolio.
Senaat remains self-sufficient and continues to reinvest profits for future growth. In FY 2016, the group made new investments of nearly AED 1 billion in industrial assets, a reflection of its commitment to the future growth in the Emirate of Abu Dhabi.
Total assets for the group reached AED 27.4 billion in FY 2016, an
increase of AED 601 million from
the previous year, representing
a compounded annual growth rate of 18 per cent since Senaat’s inception in 2004.