Abu Dhabi: Senaat General Holding Corporation (Senaat), an Abu Dhabi-based holding company, announced revenues of approximately Dh14.04 billion for 2015, a 5 per cent increase 2014. In a statement, the company said the revenues reflects a stronger commercial performance across the company’s portfolio, despite the slowing global economy and its effect on the regional and local markets.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) stood at approximately Dh2 billion for 2015.

Senaat’s operational portfolio companies, which contributed to the Group’s financial performance include Al Foah, Arkan, Agthia, Ducab, Emirates Steel and NPCC. Senaat’s portfolio also include three companies, Talex, Al Gharbia Pipes Company and Ducab Aluminium Company, which are all currently under development. Once fully operational, the three companies are expected to contribute to the aggregate top-line results for the Group. Senaat currently manages more than Dh26.8 billion of industrial assets on behalf of the Government of Abu Dhabi.

“FY 2015 marked a year of strong top-line growth for Senaat and its portfolio companies,” said Senaat Chairman Hussain Jasem Al Nowais in the statement. “Despite current economic challenges in the wider GCC region, our strategy of diversification and contribution to Abu Dhabi’s industrial sector is delivering results, as evident in the financial success across our portfolio of companies.”

Economic challenges

He said that Senaat has “succeeded in establishing industrial leaders with significant competitive capabilities in different sectors such as building materials, oil and gas services, metals and food and beverage business.”

The statement also said that Senaat has and is facing regional and global economic challenges, such as in the metals sector in the UAE “where global competitors have been dumping products over the last year. However, thanks to adopting a smart and flexible strategy focused on diversification and opportunistic investment, Senaat was able to reduce the negative impact of the economy and achieve strong performance in 2015”.

Al Nowais also said the results are the outcome of “our long-term strategy centred on contributing sustainably to the development of the industrial sector in Abu Dhabi. We will continue to establish industrial entities that will add to Abu Dhabi’s efforts to diversify away from hydrocarbon industries”.

In 2015, Senaat launched the Al Gharbia Pipe Company, a joint venture with JFE Steel Corporation and Marubeni-Itochu Steel Inc. Al Gharbia will create the UAE’s first large-diameter, sour service capable, welded steel pipe project. The facility is expected to be operational in 2018 and will further enhance the Group’s capacity in the industrial sector and contribute to its revenues on a long-term basis.