Abu Dhabi Ship Building (ADSB), a provider of construction, repair and refit services for naval, military and commercial boats, posted a consolidated revenue of Dh791 million ($215.3 million) for 2015.

Its net profit rose to Dh87 million ($23.69 million) for the year, said a statement from ADSB.

The announcement was made during the company’s Annual General Meeting held in Abu Dhabi, UAE, last week, it stated.

In addition, members of the general assembly approved the distribution of the cash dividends amounting to Dh21.1 million ($5.7 million) for the financial year ended December 31, 2015, it said.  

In 2015 ADSB continued to bring more focus towards growing its service offering for clients. In line with this effort, the company 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, it added.

To complement its core service offering, the company 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 specialises in sales, servicing, refits, charter, brokerage and management of luxury and super yachts, said the statement.

The company also has a 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 Program, the Naval Support Services (NSS) division, the Arialah Project and Kuwait LandingCraft project, added the statement.

Dr Khaled Al Mazrouei, CEO, ADSB, 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,” he added. – TradeArabia News Service