Abu Dhabi Shipbuilding posts $31m profit in 2009

24 Feb 2010

(MENAFN) Abu Dhabi Ship Building (ADSB) has announced a net profit of $31.14 million on revenues of over $316 million for the year 2009, Gulf News reported.

The ADSB board of directors said it will recommend a payment of a 10 percent cash dividend to the shareholders of record, at the AGM scheduled for April 12.

ADSB’s chairman of the Board of Directors, Homaid Abdulla Al Shemmari said the company continued to perform strongly throughout 2009, reinforcing its role as a truly strategic asset for Abu Dhabi and the region.

ADSB, established in 1996, operates the most modern naval shipyard in the Gulf. It is also 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 and its current shareholding is 40 percent by Mubadala Development Company, 10 percent by the Abu Dhabi Government and 50 percent by individual UAE nationals.

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