Abu Dhabi: Senaat, an industrial holding conglomerate, saw revenues jump 18 per cent in 2017 to Dh16 billion as the company diversifies its portfolio to boost performance. It reaped Dh13.4 billion in revenues in 2016.
Total EBITDA (earnings before interest, taxes, depreciation and amortisation) increased to Dh2.1 billion in 2017, a 16 per cent growth compared to 2016, the company said in a statement on Tuesday.
The company, fully owned by the government of Abu Dhabi, also announced that its total assets reached Dh27.2 billion at year-end, representing a compounded annual growth rate of 18.3 per cent since the company’s inception in 2004.
The portfolio of Senaat includes Emirates Steel, National Petroleum Construction Company (NPCC), Arkan, Agthia and Ducab Aluminium Company among others.
“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,” Jamal Salem Al Daheri, CEO of Senaat, said in a statement.
“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.”
He added that the portfolio companies expanded into new markets and introduced products catering to the demands of our international customers.
Senaat manages more than Dh27.2 billion of industrial assets and has invested in the non-oil sector an average of Dh1.9 billion a year over the last 10 years, according to the statement. It employs nearly 20,000 people across its portfolio of nine companies.
