Abu Dhabi Ship Building records $31m net profit

Abu Dhabi Ship Building (ADSB) announced net profit of AED114.39m ($31m) on revenues of over AED1.16bn for 2009. The firm said its total assets stood at AED2.2bn – a growth of 29 percent, compared to 2008 figures.


William Saltzer, CEO, said new projects for the UAE Navy, the Critical National Infrastructure Authority (CNIA) and the Bahrain Navy, started last year, helped boost the firm’s earnings.
“The company's performance has remained strong despite the economic downturn,” he said.
Board members approved a 10 percent cash dividend to shareholders of 10 fils per share, the firm said in a statement on Wednesday.
ADSB, established in 1996, is a public joint stock company based in the UAE and listedn on the Abu Dhabi Securities Exchange (ADX). It is the only shipyard in the region with the capability to build, refit, repair and upgrade complex naval warships.