Abu Dhabi Ship Building sees second highest ever profits
Abu Dhabi Ship Building (ADSB) has managed to break through the AED 100-million barrier with its second-highest profits in history for the year ended December 31st.
During 2017, ADSB re-branded its market position, and continued to build on the momentum from all operational segments, according to a statement from Khaled Al Mazrouei, CEO, ADSB.
In his statement, Al Mazrouei called attention to the improved financial position of the company, including increased gross profit (from AED 256.1 million in 2016 to AED 277.1 million in 2017), and increased net profit (from AED 61.3 million in 2016 to AED 104.8 million in 2017).
These results were mainly driven by the increased scope of the awarded Marine Support Services contract, which covers a period of three years (until January 2020), and cost efficiencies within existing Ship Build projects.
Furthermore, efforts to expand into oil and gas fields significantly accelerated in 2017.
In terms of operations, the company implemented changes to drive a more effective and efficient organization.
This included operational changes in the Ship Build (Naval Ship Building and Small Boats Construction), and Services (Marine Support Services, Naval/Commercial MRO, and Oil & Gas) sectors.
The report also detailed developments at ADSB’s subsidiaries Safwa Marine LLC and Frontiers LLC.
Al Mazrouei also underscored how ADSB maintained focus on Emiratisation efforts in 2017, in-line with the government’s vision to develop a knowledge-based economy.
“ADSB is committed to attracting and retaining talented UAE nationals, and to providing them access to training and career development, as well as to creating a challenging and rewarding work environment that will help them lead Abu Dhabi businesses in the future,” he said.