By: Ramy Sameeh

Abu Dhabi – Mubasher: Abu Dhabi Ship Building (ADSB) is expected to post a growth in revenues by not less than 10% on an annual basis until 2021, CEO Khaled Al Mazrouei said.

“Our revenues are currently near AED 1 billion, with aims to reach AED 1.3 billion to AED 1.4 billion by 2021," Al Mazrouei added on the sidelines of the International Defence Exhibition and Conference (IDEX) 2017.

The company’s net revenues reached AED 920.3 million in 2016, up 16.3% from AED 791.3 million in 2015. In addition, profits fell 33.4% to AED 57.7 million in 2016 from AED 86.6 million a year earlier.

ADSB posted revenues of around AED 14 billion to AED 16 billion from its inception 20 years ago to date, with expectations to post higher results on the back of new projects, Al Mazrouei noted.

Throughout 2017, the company will work on implementing projects worth over AED 1.5 billion like the Baynunah-class corvette, Ariella, and landing ships for Kuwait.

The Baynunah project includes the construction and equippment of six 72-metre corvette ships for the UAE Navy.

ADSB is carrying out the Ariella project which includes the construction of two 67-metre maritime patrol ships for the Critical Infrastructure and Coastal Protection Authority, planned to be delivered in 2017.

The third project includes the build-up of eight ships for Kuwait, of which five are delivered and three to be handed over in May, July, and September, respectively.

The company has no intention to make any new acquisitions in the current period, but it will not hesitate if there are good opportunities, Al Mazrouei added.

ADSB works on expanding maintenance services as 75% of its revenues are generated from such services, Al Mazrouei added.

Translated by: Julian Nabil