Abu Dhabi's Senaat returns to income growth in 2017
The industrial conglomerate manages entities such as Emirates Steel and NPCC
Senaat, Abu Dhabi’s industrial holding company, said on Tuesday its 2017 income rose 16 per cent year-on-year, reversing declines in 2016, as it continued to invest in its assets to fuel growth.
Earnings before interest, tax, depreciation and amortisation (Ebitda) increased to Dh2.1 billion from Dh1.8bn a year earlier, while revenue grew 18 per cent to Dh16bn from Dh13.4bn a year earlier, it said in a statement. The Abu Dhabi entity did not release its net profit for 2017. In 2016, Ebitda fell 10 per cent.
The holding company, which manages entities such as Emirates Steel and National Petroleum and Construction Company had invested Dh1.2bn in assets in the financial year ending 2017, Senaat chairman Hussain Al Nowais said.
“The company continues to self-finance its growth, and reinvesting profits to further develop its asset base,” he added.
Senaat manages assets worth Dh27.2bn for the government of Abu Dhabi through entities involved in a range of industrial sectors including metals, energy, construction and food.
The company’s total assets under management remained nearly flat, shrinking by Dh200 million to Dh27.2bn.
In an interview with The National in December, Jamal Al Dhaheri, chief executive of Senaat, said the holding company was reviewing its portfolio for privatisation of some entities.
He said the entity would consider spinning off around 49 per cent stakes in the companies under its portfolio, with Senaat retaining the majority 51 per cent share.
Senaat has 51 per cent stakes in Arkan, which is involved in the construction materials manufacturing sector, as well as essential food and beverage manufacturer Agthia, which are traded on the Abu Dhabi Securities Exchange.
Among the companies it manages are cables manufacturer Ducab, which is 50 per cent owned by the government of Dubai, aluminium extrusions plant Taweelah, Ducab aluminium company and date palm packaging and export firm Al Foah.
Updated: April 3, 2018 04:39 PM