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21/02/2017 06:09 AST
Abu Dhabi Ship Building Company (ADSB) plans to double its services business to 50 per cent of its entire portfolio by 2021, days after signing a Dh100 million contract with the UAE Armed Forces, the CEO said on Monday in an interview at Idex.
"The plan between now and 2021 is to enhance our services to 50 per cent of our business without decreasing revenue. Currently, the majority, 75 per cent, of our revenue comes from shipbuilding, whilst the rest comes from services, at 25 per cent," said Khalid Al Mazrouei, CEO of ADSB.
The part-government owned company's shipbuilding business is overwhelmingly made up of military vessels, with only 10 per cent coming from commercial projects.
On Monday afternoon, ADSB officially handed over Al Hili, the sixth and the latest Baynunah-class corvette built by Abu Dhabi Ship Building (ADSB) to the UAE Navy, in the presence of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
"The value of projects we are working to close in 2017 is Dh1.5 billion, from shipbuilding and services. Our pipeline is predominantly made up of military projects, which I cannot announce, but I can say that they are in the final stages of discussions," Al Mazrouei said.
"Some are from the UAE, and some from outside the UAE," he added
Gulfnews
21/02/2018
Abu Dhabi Ship Building (ADSB)'s net profit increased to Dh104.8 million in 2017 from Dh61.3 million in the previous year due to awarding of marine support services contract, cost efficiency measures
Gulf News
25/04/2016
Abu Dhabi Ship Building announced key business results for 2015 at its recent annual general meeting held in Abu Dhabi. ADSB's consolidated revenue for 2015 was Dh791 million, while its net profit
Khaleej Times
24/01/2016
Abu Dhabi Ship Building (ADSB) has won a Dh260 million contract from the Kuwaiti government to build eight boats, as the Arabian Gulf neighbour looks to bolster its maritime patrol and defence capabi
The National
| Ticker | Price | Volume |
|---|---|---|
| TRAFCO | 0.29 | 0 |
| EMIRATES | 58.80 | 0 |
| JAZADCO | 13.40 | 253,503 |
| ANAAMHOLDING | 1.25 | 14,471,369 |
| OMVS | 0.33 | 3,105 |
| KHALEEJI | 0.08 | 140,793 |
| SAUDIKAYAN | 6.74 | 2,338,843 |
| Ticker | Price | Change |
|---|---|---|
| ALPHADHABI | 11.16 | -0.04 (-0.36 |
| IQCD | 13.65 | 0.15 (1.11 |
| ADNOCLS | 5.19 | 0.02 (0.38 |
| ADPORTS | 4.97 | 0.05 (1.01 |
| NMDC | 24.92 | 0.08 (0.32 |
14/09/2024
RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <
Saudi Gazette
12/09/2024
Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces
Arab News
04/05/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
Financial Information Co.
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