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ABU DHABI / WAM
Senaat, one of the leading industrial investment holding companies in the UAE, announced on Tuesday a 16 percent increase in operating earnings in 2017 compared to 2016. The Abu Dhabi-based group said its earnings before interest, tax, depreciation and amortisation (Ebitda) rose to AED2.1 billion from AED1.8 billion a year earlier as revenues surged 18 percent to AED16 billion in 2017 from AED13.4 billion in 2016.
The group’s assets recorded a compounded annual growth rate of 18.3 percent since inception in 2004 to AED27.2 billion at the year-end. Hussain Jasim Al Nowais, chairman of Senaat, said the positive performance reflects the competitiveness of the company and its ability to withstand challenges.
“The company continues to self-finance its growth and reinvesting profits to further develop its asset base. This reflects the company’s leading role in developing the industrial sector in Abu Dhabi and the UAE and its long-standing commitment to contribute to Abu Dhabi’s Economic Vision 2030,†said Al Nowais. He said the growth also underscored the group’s resilient, strong business fundamentals and proficiency of management teams to achieve operational efficiencies.