Bahrain-based Arab Shipbuilding & Repair Yard (Asry) has got off to an excellent start in 2013 with its sales reaching $35.8 million in the first two months against $24.6 million for the same period last year.

The number of vessels which were repaired in the company's dry docks over this period was 37, against 38 during the same period of last year, said a report in the Gulf Daily News, our sister publication.

Such results were a positive indication that the ship repair market is bouncing back, Asry chairman Shaikh Daij bin Salman Al Khalifa told directors at a board meeting.

He predicted that the volume of sales would further increase by the end of the year, with good progress being witnessed by the dock.

He said the board had approved the new bonus system which would replace the previous system.

"This is part of Asry's endeavours to improve benefits offered to employees and, of course, the bonus payment will depend on the amount of profits realised and will be granted to employees subject to the annual performance appraisal of each employee," he said.

He said the 2013-2017 strategic plan included a number of projects intended to enhance the capability of Asry to compete regionally.

The construction of a medium-sized dry dock, the fourth within Asry, would be an important project within the forthcoming five-year plan.

This was designed to meet the expectations of current customers and to attract new owners of medium-sized ships.

"The plan includes programmes to improve the loyalty of customers and to maintain the high standards of performance by company employees through the development of their skills to ensure a high quality service to its customers," Shaikh Daij said.

"The development of the consultancy division of the company is a priority within the strategic plan so that it becomes a main database for the ship repair industry.

"This will coincide with the development of the capacity of the production engineering sector in the various facilities of Asry in a way that will meet the expectations of the shareholders," he said.

Shaikh Daij said the strategic plan will emphasise the Bahrainisation of various jobs through appropriate human resources policies and recruitment programmes.

"Training programmes and recruitment will continue in co-operation with Tamkeen and the National Institute of Technology," he said.

"The board has decided to restructure the company and to continue diversifying the sources of income by seizing ship repair related investment opportunities available.

"Asry is in the process of incorporating a subsidiary in Saudi Arabia for such available opportunities in the areas of offshore and ship repair services."

Representatives of all the shareholding countries, including the UAE, Saudi Arabia, Kuwait, Qatar, Iraq and Libya attended the meeting.

Last year the company repaired 185 vessels and achieved total sales of $177.1 million, marginally more than the total sales of $166.9 million achieved in 2011.

The board will make a recommendation to the next general meeting requesting their approval of the financial results for 2012.-TradeArabia News Service