Revenues of Senaat (General Holding Corporation), one of the largest industrial holding companies in the UAE, increased by 7.2 per cent to AED12.3bn in 2012 compared to AED11.5bn the year prior. Total assets of the Abu Dhabi-based investment and holding company grew by 7.8 per cent to AED25.4bn.
Net profit for the year was AED1.3bn, slightly down from AED1.5bn in 2011, resulting in a return on equity of 12.6 per cent.
Senaat’s portfolio consists of industrial companies including Emirates Steel, National Petroleum Construction Company and cable manufacturing company Ducab, in a bid to diversify Abu Dhabi’s economy and boost the role of non-oil industries. Since 2004, Senaat has invested nearly AED16bn in the industry sector, of which AED2.2bn was in 2012.