Abu Dhabi Ship Building reports revenue of AED 927.8 million and profit of AED 61 million in 2016.
Regional maritime construction and repair company Abu Dhabi Ship Building (profile) has announced its financial results for 2016, showing revenues of AED 927.8 million, a 17 per cent increase from AED 791 million in 2015.
It also reported net profit of AED 61 million, down 29.2 per cent from AED 86.5 million in 2015.
The company’s shipbuilding business is primarily focused on military vessels, with 10 per cent coming from commercial projects.
Earlier this year, Abu Dhabi Ship Building Company (ADSB) CEO Khalid Al Mazrouei said the company plans to double its services business to 50 per cent of its portfolio by 2021 without decreasing revenue. He said 75 per cent of the company’s revenue currently comes from shipbuilding.
He told Gulf News the company has an order book backlog of around AED 1 billion to build naval ships in the next couple of years, including ongoing projects for the UAE navy, Critical Infrastructure and Coastal Protection Authority, and Kuwait’s Ministry of Defense.
ADSB has also supplied craft to nations in the Gulf, Asia and Africa.