SENAAT announces FY2017 revenue of AED 16 billion, operating earnings of AED 2.1 billion

 

SENAAT (“SENAAT” or “the Group”), one of the largest industrial investment holding companies in Abu Dhabi and the UAE, today announced that its total EBIDTA increased to AED 2.1 billion in 2017, a 16% increase compared to 2016.

The company’s financial results also stated that revenues grew from AED 13.4 billion in 2016 to AED 16 billion in 2017, an 18% increase.

In addition, the financial results of SENAAT confirmed total assets reached to AED 27.2 billion at year-end, representing a compounded annual growth rate of 18.3% since SENAAT’s inception in 2004.

Commenting on the Group’s performance, His Excellency Hussain Jasim Al Nowais, Chairman of SENAAT, said: “In FY 2017, SENAAT invested AED 1.2 billion in assets. The company continues to self-finance its growth, and reinvesting profits to further develop its asset base. This reflects the company’s leading role in developing the industrial sector in Abu Dhabi and the UAE and its longstanding commitment to contribute to Abu Dhabi’s Economic Vision 2030.”

Al Nowais added: “SENAAT’s 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’s management teams to achieve operational efficiencies. The Group’s strategy aims to achieve sustainable growth and increase shareholder value, by remaining competitive in all of our sectors.

” H.E. 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.”

Al Dhaheri added: “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 SENAAT’s objective to be one of the largest, self-sustaining industrial groups with sound financials and excellent prospects for growth.”