(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 20th February, 2018 (WAM) -- Abu Dhabi Ship Building, ADSB, has released its financial results for 2017 (ended on 31st December, 2017) announcing that its gross profit increased from AED256.1 million in 2016 to AED277.1 million in that year, and net profit increased from AED61.3 million in 2016 to AED104.8 million.
Commenting on the results, Dr. Khaled Al Mazrouei, ADSB Chief Executive Officer, said that 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 organisation. 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.
He 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.
In his closing remarks for the report, Dr. Al Mazrouei said, "I would like to take this opportunity to thank our wise leadership for their patronage, and for their continuous support of ADSB. I also wish to thank our Board of Directors for their invaluable direction and guidance, our esteemed customers and partners for their trust, and finally, our senior management and staff for their dedication and commitment towards ADSB's success."
Established in 1996 and headquartered in Abu Dhabi, ADSB has built a strong reputation, a dedicated workforce of over 1,000 people and leveraged its strategic location to cement itself as a leading shipbuilder and support contractor for naval, military and commercial operators in the region. ADSB is a Public Joint Stock Company, 10 percent owned by Abu Dhabi's government, 40 percent owned by Mubadala Investment Company, and 50 percent publicly traded on Abu Dhabi's Securities Exchange, ADX.
[Image credit:Abu Dhabi Ship Building, ADSB]
WAM/Esraa Ismail/Rasha Abubaker
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