Abu Dhabi Ship Building (ADSB), a leading provider of construction, repair and refit services for naval, military and commercial boats, announced key business highlights for 2015 at their Annual General Meeting held in Abu Dhabi last week.
ADSB’s consolidated revenue for 2015 was 791 million dirhams, while its net profit rose to 87 million dirhams. In addition, members of the General Assembly approved the distribution of the cash dividends amounting to 21,199,000 AED for the financial year ended 31 December 2015.
Dr. Khaled Al Mazrouei (photo), CEO, Abu Dhabi Ship Building said: “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. 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 (TLCM) service contracts with 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 specializes in the management and integration of combat systems, and Safwa Marine which specializes 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 programs and consistently challenging yet rewarding projects to help them become the business leaders of tomorrow. In line with the company’s agenda of Emiratization, ADSB appointed four UAE nationals to director positions to lead the Baynunah Corvettes Development Program, the Naval Support Services (NSS) division, the Arialah Project and Kuwait LandingCraft project.
Abu Dhabi Ship Building Company (ADSB) is a leading provider of construction, repair and refit services for naval, military and commercial vessels. Headquartered in Abu Dhabi, UAE and established in 1996, ADSB was originally formed to support the repairs and refits of UAE Navy vessels and now has a portfolio of construction and refit projects worth over AED 3 billion.
ADSB leverages its reputation, central location and global network of strategic partners to consolidate its position as a leading shipbuilder and support contractor for naval, military and commercial operators in the region.
ADSB is 40% owned by Mubadala, 10% by Abu Dhabi’s government and 50% publicly traded on the UAE’s stock exchange.