ADSB reports higher revenue, profit

25/04/2016 05:26 AST

Abu Dhabi Ship Building announced key business results for 2015 at its recent annual general meeting held in Abu Dhabi. ADSB's consolidated revenue for 2015 was Dh791 million, while its net profit rose to Dh87 million. Members of the assembly also approved the distribution of the cash dividends amounting to Dh21.2 million for the financial year ended December 31, 2015.

"The success we had in 2015 is a testament to the hard work and dedication of our team as we continue to work towards delivering on our vision of becoming the premier shipbuilder and service provider in the region," ADSB CEO Dr Khaled Al Mazrouei said.

"Through major contract wins and completion of key build and refit projects, we are committed to supporting our regional partners and will continue delivering contracts while focusing on expanding our capabilities and offering in 2016."

In 2015 ADSB continued to bring more focus towards growing its service offering for clients. In line with this effort, ADSB is now focused on setting up a floating dock facility in Mina Zayed, introducing Through Life Capability Management service contracts with the UAE Naval Forces, CICPA and other GCC navies and expanding long-term service contracts with local and international commercial customers.

To complement its core service offering, ADSB will continue to diversify through investment in two wholly-owned subsidiaries - Frontiers, which specialises in the management and integration of combat systems; and Safwa Marine, which specialses in sales, servicing, refits, charter, brokerage and management of luxury and super yachts.

The company also has a deep commitment to develop the next generation of Emirati leaders and offers talented UAE nationals access to a work environment with top of the line training programmes and consistently challenging yet rewarding projects to help them become the business leaders of tomorrow. In line with the company's agenda of Emiratisation, ADSB appointed four UAE nationals to director positions to lead the Baynunah Corvettes Development Programme, the Naval Support Services division, the Arialah Project and the Kuwait LandingCraft project.

Khaleej Times