ADSB's gross profit and net profit both increased compared to 2016
Abu Dhabi, UAE, February 20, 2018 – Abu Dhabi Ship Building PJSC (ADSB) has released its financial results for the financial year ended 31 December 2017. The report was accompanied by a statement from the Chief Executive Officer, Dr. Khaled Al Mazrouei, who provided highlights from the successful business year.
Overall, 2017 was another positive year for ADSB, as the company surpassed targets, re-branded its market position, and continued to build on the momentum from all operational segments. In his statement, Dr. Al Mazrouei called attention to the even more 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.
Furthermore, Dr. Mazrouei underscored how ADSB maintained focus on Emiratization 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.”
Dr. Khaled Al Mazrouei is the CEO for Abu Dhabi Ship Building, with 23 years of experience in the field of Aeronautical Engineering.
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 (PJSC), 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.