FINANCIAL NEWS

UAE’s ADSB’s 2011 contract revenue up to USD353m

05 Mar 2012

(MENAFN) Abu Dhabi Ship Building (ADSB) said that its contract revenue in 2011 rose by more than USD54.4 million to USD353 million, reported The National.

The company added that net profit before currency fluctuations had fallen to USD15.35 million from USD23.48 million a year earlier.

On the other hand, the firm, of which 40 percent is owned by Mubadala Development, said that at the current time, it is working on the remaining Baynunah-class corvettes for the UAE Navy, adding that a total of 6 of the 72-metre warships have been ordered, and the company is hoping to receive orders from foreign navies.

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

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