Senaat General Holding Corporation Profit Up 20% in First Six Months

Abu Dhabi government owned industrial group, Senaat General Holding Corporation, saw a 20% increase in net profit in the first half of 2015, reaching Dh453 million. Earnings prior to interest, tax and depreciation exceeded Dh1 billion, rising 18% from the same period last year. In the first half of this year, Senaat’s revenues stood at Dh6.8 billion, showing a 2.5% increase from Dh6.6 billion the same time last year.

Senaat chairman, Hussain al Nowais, stated that the company has a number of investment plans and projects in the works to expand Abu Dhabi’s industrial base and increase the contribution of the non-oil industrial sector in the emirate’s domestic product.

“Senaat will continue to seed its own investments through using its own profits and through a prudent approach to debt which is supported by the confidence of financial institutions in the company’s ability to fulfil its future obligations,” said Nowais.

Senaat re-invests its profits to expand its current companies and establish new projects as it continues to grow its portfolio of companies. The company established Al Gharbia Pipe Company with two of Japan’s top companies in the steel industry earlier this year. Al Nowais expects the company to continue on its growth.

“All success factors are available for Senaat to continue to grow and perform well. It has the financial strength, qualified and competent Emirati management team and a clear investment vision. I am confident that Senaat will continue to successfully deliver on the government’s vision and contribute to its diversification efforts,” said Al Nowais.

The industrial group’s portfolio includes Emirates Steel (ES), National Petroleum Construction Company (Npcc), Arkan Building Materials Co, Agthia, Al Foah and Ducab as well as two companies under development; Taweelah Aluminium Extrusion Company (Talex) and Al Gharbia Pipe Company.

Senaat is a leading contributor to Abu Dhabi’s Economic Vision 2030, a comprehensive plan to achieve economic development in Abu Dhabi. It manages over Dh26.8 billion of industrial assets and employs more than 19,500 people.