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Abu Dhabi Ship Building reports a drop in profits

14 Feb 2011

(MENAFN) The Chairman of Abu Dhabi Ship Building (ADSB), Homaid Al Shemmari, said that the company’s annual net profits went down by 20.7 percent to USD24.6 million in 2010 due to a slowdown in marine industry, reported Gulf News.

Al Shemmari said that revenues dropped by 2.67 percent to USD307.57 million, a little lower than the annual results of 2009.

The marine vessels contractor is currently working on four 72-metre Corvettes for the UAE Navy. ADSB, the UAE’s naval and commercial vessels supplier, had also won government contracts from Oman and Qatar and Bahrain, the chairman said.

It is worth noting that Mubadala owns 40 percent of ADSB, while 10 percent is owned by the Abu Dhabi Government and 50 percent by national shareholders.

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