Abu Dhabi Ship Building reports record financial results for 2009

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Abu Dhabi Ship Building (ADSB) has announced that it achieved a net profit of AED 114.39 million on revenues of over AED 1.16 billion for the year 2009, representing an Earning per Share (EPS) of 53.9 fils. The company also reported total assets of over AED 2.2 billion, a growth of 29 per cent over 2008 figures.
 

“ADSB is proud to announce results for 2009 that are the best in the company’s history so far. The company’s performance has remained strong despite the economic downturn and it was an honour for us in 2009 to start important new projects for the UAE Navy, the Critical National Infrastructure Authority (CNIA) and the Bahrain Navy,” said ADSB’s CEO William Saltzer.
 

The Board of Directors of Abu Dhabi Ship Building convened on 14 February 2010 and reviewed the audited financial results for the year ending 31st December 2009. The Board announced that it will recommend to the shareholders to approve the payment of a 10 per cent cash dividend (10 fils per share) to the shareholders of record, ten days after the Annual General Meeting (AGM). The AGM is scheduled for 12 April 2010, with a backup date of 19 April 2010 in case it is needed to meet quorum requirements.
 

ADSB’s Chairman of the Board of Directors, Homaid Abdulla Al Shemmari commented, “ADSB continued to perform strongly throughout 2009, reinforcing its role as a truly strategic asset for Abu Dhabi and the region. We are grateful for the continued commitment from our UAE and GCC customers, and we look forward to strengthening our position as the leading naval shipbuilder and provider of naval support services to the GCC region in 2010.”
 

Abu Dhabi Ship Building is a Public Joint Stock Company based in the UAE. The company was established in 1996, and it operates the most modern naval shipyard in the Arabian Gulf; moreover, is the only shipyard in the region with the capability to build, refit, repair and upgrade complex naval warships. The company is successfully providing products and related services to Navies, Coast Guards and other military, paramilitary and commercial vessel operators across the GCC region.
 

ADSB is listed in the Abu Dhabi Securities Exchange (ADX) and its current shareholding is 40 per cent by Mubadala Development Company, 10 per cent by the Abu Dhabi Government and 50 per cent by several thousand individual UAE national shareholders. ADSB employs more than 1,200 people.