One of Abu Dhabi’s largest firms, Senaat General Holding Corporation, has reported a 5 percent rise in revenues during 2015 to AED14.04 billion ($3.8 billion).
The industrial giant also reported earnings before interest, tax, depreciation and amortisation of “approximately AED2 billion” [$544 million]. The figure is marginally down on the AED2.1 billion EBITDA reported in full-year 2014.
Senaat, which is privately held, did not reveal its net profit for the year.
The company said it had faced regional and global economic challenges, as with other local players, particularly in the metals sector in the UAE, where global competitors had been dumping products.
Senaat’s portfolio of firms include building materials manufacturer Arkan, Emirates Steel, Ducab, food producer Agthia and steel structures provider NPCC.
Another three companies – aluminium extrusion firm Talex, Al Gharbia Pipes Company and Ducab Aluminium – are currently being set up by Senaat.
“FY 2015 marked a year of strong top-line growth for Senaat and its portfolio companies,” said the firm’s chairman, Hussain Al Nowais, in a press statement. “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.
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“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 manages $7.3 billion worth of industrial assets on behalf of Abu Dhabi’s government and was set up in order to help diversify the emirate’s economy away from oil.