Senaat posts Dh13.4b revenues in 2016

Senaat has announced revenues of Dh13.4 billion for the fiscal year ended December 31, 2016, with total assets for the group reaching Dh27.4 billion - an increase of Dh601 million from the previous year.  The group also made new investments of nearly Dh1 billion in industrial assets in 2016. The group's total Ebitda also declined slightly to Dh1.8 billion.  

"When you have a long-term vision, you have to operate successfully in different market cycles and adapt to the changing environment. 2016 was a year where we continued to show our resilience as a group and also contribute to the diversification of Abu Dhabi's economy and the realisation of the 2030 Economic Vision for the emirate," said Hussain Jasim Al Nowais, chairman of Senaat.

"We remained focused on delivering the best value to our shareholder by following a prudent financial strategy and  investing selectively across the industrial sector. This contributed to a solid financial performance for 2016 in spite of global, macro-level challenges," he added. "Senaat has laid a solid foundation for future growth and will continue to achieve its overall objective of developing the industrial sector in Abu Dhabi."

Looking ahead, the group announced that it will continue to follow a conservative, highly targeted financial approach and look for new ways to develop greater synergies throughout its portfolio.  The period also saw significant progress in major projects for the group, including the April 2016 ground-breaking of the Al Gharbia Pipe Company plant, a joint venture between Senaat and Japanese partners JFE Steel Corporation and Marubeni-Itochu Steel Inc. - business@khaleejtimes.com

Source: Khaleej Times