General Holding Corporation (SENAAT) building on its industrial success with a new corporate identity

General Holding Corporation (SENAAT) earnings approach AED 1 billion in first six months of 2012

  • Al Nowais: Senaat‘s strong financial performance underlines the success of our investment strategy as we enter a new growth phase  for the Company
  • Al Ameri: Senaat aims to continue supporting the expansion of the industrial sector, contributing towards the diversification of the economy of the Emirate of Abu Dhabi.
  • The Company’s total assets increased to AED 25.4 billion, revenues up 12%, at end of June 2012

General Holding Corporation (Senaat) today (Wednesday) announced an increase in net profits to AED 942 million in the first half of 2012, a 22% rise on the same period last year. The announcement of these record results comes as the Company launches its new corporate identity (Senaat).

H.E. Hussain Jasim Al Nowais, Chairman of Senaat said: “As we once again demonstrate significant progress in our efforts to expand the capabilities of Abu Dhabi’s industrial sector, our new corporate identity “Senaat” reflects the company’s vision as we enter the next stage of our journey, as well as the nature of its contribution to the Emirate’s development under the directions of its wise leadership.”

Announcing half year results highlighting the group’s stability and strong financial position, Al Nowais said: “Senaat has developed investment plans and strategies for the future that will ensure it continues to contribute to the diversification of Abu Dhabi’s economic  base, boosting the role of non-oil industries in the local economy.”

“Senaat has successfully improved its financial position and increased its total assets, maintaining its key role in the support and expansion of the Emirate’s industrial sector, in line with the Abu Dhabi Economic Vision 2030,” Al Nowais said, also highlighting the growth of the Company’s portfolio with total industrial investments of AED 1.5 billion in the first half of this year. At the end of June, total assets under Senaat’s management reached AED 25.4 billion, up 7% compared to its total value by the end of 2011.

“Thanks to a strong financial position and strong cash flow, Senaat will continue its policy of self-funding its industrial investments and the maintenance of a balanced leverage policy, supported by the trust of financing banks in our ability to meet all future obligations,” he said.

Revenues for the first half of 2012 reached AED 6.4 billion, reflecting a 12% rise on the AED 5.7 billion recorded for the same period in 2011, Al Nowais said.

Eng. Suhail Mubarak Al Ameri, Chief Executive Officer (CEO) of Senaat, said: “The name Senaat is clearly in line with our mandate to promote industrial activities in the Emirate of Abu Dhabi and highlights the role the Company is playing in the diversification of the overall economy from its dependence on the hydrocarbon sector. Senaat is a key contributor to Abu Dhabi’s Economic Vision 2030, which aims to develop a strong industrial base encompassing both basic and downstream industries."

“Senaat is achieving this via its strategy of creating value through technological and management know-how, manufacturing excellence , business  partnerships and commitment to job creation with a strong focus on developing UAE Nationals,” Al Ameri said.

“Senaat has brought knowledge capital and intellectual know-how to Abu Dhabi through the development of innovative industrial projects such as Emirates Steel, NPCC, and TALEX,” Al Ameri said.

Al Ameri also highlighted that the Company has made total industrial investments of AED 13 billion since 2004 with an average annual investment of AED 2.5 billion over the last five years.

“Senaat is an active investor in a portfolio of industrial assets including Emirates Steel (ES), National Petroleum Construction Company (NPCC), Ducab, Arkan, Agthia, Al Foah dates processing company, and aluminium extrusion producer Talex,” he said.

Over the past 36 years, Senaat has successfully established, developed and managed a number of industrial entities across different sectors. Since it was first mandated as ‘General Industry Corporation’, the Company has been instrumental to the development of the infrastructure for a non-oil industrial sector. In 2004, it was re-incorporated as ‘General Holding Corporation (GHC)’, marking the latest stage of its commitment to the development of Abu Dhabi’s industrial base through investing in basic industries. Today, Senaat, one of the largest industrial investment and holding companies in the UAE and 100% owned by the Government of Abu Dhabi, continues on this journey, creating, optimising and championing industrial assets, building on the natural advantages of the Emirate and working in line with Abu Dhabi’s Economic Vision 2030.