Financial figures released by Abu Dhabi Ship Building (ADSB) show that the company enjoyed its best year yet in terms of profitability in 2017. ADSB Chief Executive Officer, Dr. Khaled Al Mazrouei, recently reflected on a highly successful business year, during which the company surpassed its original targets, strengthened its regional market position and continued to progress positively in all operational segments.
In a statement, Dr. Al Mazrouei drew attention to the significantly improved financial position of the company. Last year ADSB achieved an increased gross profit, rising from AED 256.1 million (US$ 69.7 million) in 2016 to AED 277.1 million (US$ 75.4 million) in 2017. In addition, the company’s net profit was up from AED 61.3 million (US$ 16.7 million) in 2016 to AED 104.8 million (US$ 28.5 million) last year. These results, he said, were mainly driven by the increased scope of a new three-year Marine Support Services contract awarded to the company, which runs until 2020, and greater efficiencies within existing shipbuilding projects. Furthermore, efforts to expand into oil and gas markets significantly accelerated in 2017, Dr Al Mazrouei pointed out.
Furthermore, Dr. Mazrouei highlighted ADSB’s ongoing focus on Emiratization, 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.