NPCC's 2018 net profit rises 27% on energy project wins

Unit of Senaat is keen to expand its footprint globally

FILE - In this Feb. 26, 1997 file photo, Khaled al-Otaiby, an official of the Saudi oil company Aramco, watches progress at a rig at the al-Howta oil field near Howta, Saudi Arabia. According to an assessment published Monday, April 1, 2019, by Moody’s Investors Services, the net profits of Saudi Aramco reached $111 billion last year. That places Aramco ahead of some of the world’s most profitable firms. In their first-ever grade assessment for Aramco, Fitch Ratings issued the firm an A+ rating, while Moody’s gave it it’s A1 rating ahead of its upcoming bonds sale. (AP Photo/John Moore, File)
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National Petroleum Construction Company, a unit of Abu Dhabi industrial conglomerate Senaat, posted a 27 per cent increase in operating profit in 2018 as it won more projects.

Net profit increased to Dh891 million, while revenue grew 7 per cent to Dh5.3 billion, the company said in a statement on Monday.

The company is keen to expand its operations globally, after having a considerable market share in the Arabian Gulf and a presence in India as well, Mohamed Al Hameli, the company’s chairman said.

NPCC is part of an Offshore Long-Term Agreement with Saudi Aramco, signed in 2016, and so far has won 10 projects worth Dh7.3bn.

Senaat’s revenues rose 3.5 per cent to Dh16.3 billion in 2018 on the back of cost-cutting even as it eyes growth opportunities this year.

Senaat's assets under management remained nearly flat at Dh27.3bn at the end of 2018, the company said last month.

Senaat manages key non-oil players such as the UAE’s largest steel producer, Emirates Steel, and Ducab among others. The holding company is mandated to execute industrial sector activity through investments in metals, oil and gas services and construction, as well as food and beverage manufacturing.

Senaat’s earnings before interest, tax, depreciation and amortisation rose 20 per cent to reach more than Dh2.5bn last year.