Senaat first half profit surges 22% on strong revenues

General Holding Corporation, or GHC, said on Wednesday that its net profit rose 22 per cent to Dh942 million in the first half of 2012 on stronger revenues.



By Haseeb Haider

Published: Thu 18 Oct 2012, 11:34 PM

Last updated: Tue 7 Apr 2015, 11:34 AM

The company, which also got a new corporate identity ‘Senaat’, is an industrial arm of Abu Dhabi government with diversified portfolio ranging from food processing and distribution to petroleum construction and steel and cable making to manufacturing ofconstruction materials.

Revenues for the first half ending June 30, reached Dh6.4 billion, showing a 12 per cent rise on the Dh5.7 billion recorded for the same period in 2011.

At the end of June, total assets under Senate’s management reached Dh25.4 billion, up seven per cent compared to its total value by the end of 2011.

Husain Jaime Al Nowise, Chairman of Senate 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 ‘Senate’ reflects the company’s vision as we enter the next stage of our journey.”

“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 non-oil industries,” Al Nowais added.

“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 Abu Dhabi Economic Vision 2030.”

Al Nowais also highlighted the growth of the company’s portfolio with total industrial investments of Dh1.5 billion in the first half of this year.

With 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,” he said.

SuhailMubarak Al Ameri, chief executive officer of Senaat, said the company was a key contributor to Abu Dhabi’s Economic Vision 2030 to develop basic and downstream industries.

“The name Senaat is clearly in line with the mandate to promote industrial activities in Abu Dhabi and diversify the economy away from the hydrocarbon sector, Al Ameri said. He also highlighted that the company has made total industrial investments of Dh13 billion since 2004.

Senaat owns a portfolio of industrial assets including Emirates Steel, National Petroleum Construction Company (NPCC), Ducab, Arkan, Agthia, Al Foah Dates Processing Company, and aluminium extrusion producer Talex.

haseeb@khaleejtimes.com


More news from Markets
Covid-19 fears reappear as a threat to market

Markets

Covid-19 fears reappear as a threat to market

With little known about the new variant, longer term implications for US assets were unclear. At least, investors said signs that the new strain is spreading and questions over its resistance to vaccines could weigh on the so-called reopening trade that has lifted markets at various times this year

Markets1 week ago