UAE's Senaat posts 5 per cent profit hike

05 April 2015

Industrial firm to invest AED5bn in two years

UAE-based industrial holding company Senaat has posted net profits of AED923m ($251.3m) for the full year 2014, a five per cent increase compared with the previous year’s results.

Revenues grew by 16 per cent to AED13.4bn in 2014, from AED11.6bn in 2013.

The company is planning to invest AED5bn into industrial projects over the next two years.

Last year the company invested nearly AED1bn into the industrial sector and raised the group’s total industrial investments to more than AED18bn.

It has been reported that Senaat is also considering listing some of its subsidiaries in the coming two years.

Senaat already has listed food company Agthia Group and materials maker Arkan Building Materials on the Abu Dhabi Securities Exchange.

The holding company also owns Emirates Steel, oil projects contractor National Petroleum Construction Company (NPCC) and cable manufacturer Ducab.

 

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