One of the largest industrial investment holding companies in the UAE, SENAAT, reported AED26bn revenue in 2017 as compared to AED13.4bn in 2016.
The company’s total EBIDTA increased to AED2.1bn in 2017, a 16% increase compared to 2016.
In addition, SENAAT confirmed total assets reached AED27.2bn at year-end, representing a compounded annual growth rate (CAGR) of 18.3% since SENAATs inception in 2004.
Commenting on the groups performance, HE Hussain Jasim Al Nowais, chairman of SENAAT, said: In FY 2017, SENAAT invested AED1.2bn in assets. The company continues to self-finance its growth, and reinvesting profits to further develop its asset base. This reflects the companys leading role in developing the industrial sector in Abu Dhabi and the UAE and its longstanding commitment to contribute to Abu Dhabis Economic Vision 2030.
He added: SENAATs positive performance reflects the competitiveness of the company and its ability to withstand industry challenges. It also demonstrates and underlines our resilient, strong business fundamentals and proficiency of SENAAT management teams to achieve operational efficiencies. The groups strategy aims to achieve sustainable growth and increase shareholder value, by remaining competitive in all of our sectors.
HE Eng Jamal Salem Al Dhaheri, CEO of SENAAT, said: The diversified nature of our portfolio is one of the main factors that supported SENAAT to deliver an excellent overall performance during the past few years. It is also an evidence that the diversified portfolio is a significant component for the company to face the economic fluctuations arising in the sector.
Our overall strategy is to promote efficiency and innovation to control production costs that have been increased due to various global industry challenges. Our portfolio companies demonstrated their ability to achieve efficiencies, create innovative solutions and develop skills for our continuously changing market. This helped to increase productivity and lower costs. In addition, the portfolio companies expanded into new markets and introduced products with added value, catering to the demands of our international customers. Such efforts support SENAATs objective to be one of the largest, self-sustaining industrial groups with sound financials and excellent prospects for growth.