Media ININ Economy We Trust
Media In – Abu Dhabi, April 3, 2018
The operating profit of General Holding Co., one of the largest holding companies in the field of industrial investment in Abu Dhabi and the UAE, rose to 2.1 billion dirhams last year before taxes, fees and depreciation with a growth of 16 percent compared to 2016.
According to the company’s financial statements announced yesterday, revenues rose from 13.4 billion dirhams at the end of 2016 to 16 billion dirhams at the end of last year, an increase of 18 percent.
The company’s financial statements indicate a steady growth in its total industrial assets, which reached about AED 27.2 billion at a CAGR of 18.3% since the establishment of Industries in 2004.
Hussain Jassim Al Nowais, Chairman of the General Holding Company, said that the company’s total investments in the industrial sector last year amounted to AED 1.2 billion, adding that the company will continue to pursue its own investment financing policy to achieve growth and reinvest profits to develop its assets.
He also affirmed the company’s commitment to supporting the development and prosperity witnessed by the industrial sector in Abu Dhabi in particular and the UAE in general, in order to support the economic vision of the Emirate of Abu Dhabi 2030.
He added that these positive financial results reinforce Industries’ competitive advantage and its ability to grow in light of the changes and challenges currently facing the markets. He stressed that the strong financial results reflect the flexibility of the Industries business model and the merit of the management team of Industries and its group of companies. Which managed to achieve operational efficiency.
