Abu Dhabi

Abu Dhabi’s General Holding Corporation (Senaat) on Sunday reported a 3.5 per cent increase in revenue in 2018 to Dh16.3 billion compared to Dh15.7 billion during the previous year.

“These strong financial results reflect the resilience of Senaat’s business model, and its adaptability and sustainability in the face of volatile and challenging market conditions. We are proud of the company’s remarkable achievements in its different sectors and we look forward to continuing this growth and capitalising on investment opportunities to maximise shareholder value,” said Dr Mohammad Rashed Al Hameli, Chairman of Senaat in a statement.

“In 2018, Senaat has continued to successfully deliver towards supporting Abu Dhabi Economic Vision 2030. The company has played a significant role in progressing Abu Dhabi’s vision to diversify economic resources and reduce dependence on the oil and gas sector by developing a solid industrial base that enables Senaat to compete globally.”

In the last quarter of 2018, the company successfully issued a Dh1.1 billion ($300 million) sukuk with a 7-year tenor dual listed on the London Stock Exchange and Abu Dhabi Securities Exchange with strong investor demand both locally and internationally.

The government owned industrial conglomerate’s assets portfolio reached Dh27.3 billion at the end of 2018, representing a compounded annual growth rate of 15.5 per cent since the company’s inception in 2004.

“Over the past few years, we have been able to achieve outstanding results, supported by our strong efforts to develop Senaat and consolidate its position as one of the UAE’s leading diversified industrial groups. We have been able to successfully fund investments, as well as build strategic partnerships, that will further strengthen and grow Senaat’s industrial portfolio,” said Jamal Salem Al Dhaheri, CEO of the company.

Senaat’s portfolio companies include Emirates Steel, National Petroleum Construction Company (NPCC), Arkan, Ducab, Agthia, among others.