ABU DHABI / WAM
Senaat General Holding Corporation (Senaat), a leading industrial holding company in Abu Dhabi, 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 Groupâ€™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.
Senaatâ€™s operational portfolio companies, which contributed to the groupâ€™s financial performance include Al Foah, Arkan, Agthia, Ducab, Emirates Steel and NPCC. Senaatâ€™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, â€œFY 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 Dhabiâ€™s industrial sector is delivering results, as evident in the financial success across our portfolio of companies.
â€œSenaat 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,â€ he said.