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ADSB Records Dh 1.16b Revenue as Orders Rise
ABU DHABI — Abu Dhabi Ship Building Company, or ADSB, which has emerged as the leading naval shipyard in the Arabian Gulf has made a revenue of about Dh 1.16 billion in 2009 making a significant increase from Dh 842 million earned in the previous year.
The company has booked a net profit of Dh 114 million in 2009 compared to Dh 103 million in 2008.
The net operating profit of the company was Dh 112 million in 2009 as against Dh 86 million in the previous year. The company’s earning per share or EPS also edged up marginally to 54 in 2009 from 53.5 in 2008.
Crossing of significant milestones in the ongoing projects and start of new projects account for the significant increase in the revenues in 2009 compared to 2008.
“The contracts we had received for 34 intercepting vessels of 16 metres size from the Critical National Infrastructure Authority or CNIA and for 12 missiles boats of 26 metres size from the UAE Navy were the major factors that pushed up our revenues in 2009. The UAE Navy has also given an order for retrofitting another 12 missile boats of 26 metres size.
The progress achieved in the $ 1 billion dollar project for building six multi-mission corvettes for the UAE Navy has also contributed to our improved progress in the just-concluded year,” vice president, marketing of ADSB William D Stewart told Khaleej Times here.
Asked about the outlook of the company in the current year, Stewart said, “We’re sitting on whopping Dh 4 billion orders, and we’re extremely optimistic about this year. In fact, we don’t have any problem with orders for the next four years.”
Abu Dhabi government holds ten per cent of the shares of ADSB directly and 40 per cent though the Mubadala Development Company, its investment arm.
The remaining 50 per cent shares are being held by more than 6,000 individual UAE nationals.
In business since 1996, ADSB has now emerged as the only shipyard in the region with the capability to build, refit, repair and upgrade complex naval warships.
ramavarman@khaleejtimes.com
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