Abu Dhabi Ship Building (ADSB) has achieved a net profit of Dh114.39 million ($31.1 million) on revenues of over Dh1.16 billion for 2009. The company also reported total assets of over Dh2.2 billion, a growth of 29 per cent over 2008.

“The company’s performance has remained strong despite the economic downturn and it was an honour for us in 2009 to start important new projects for the UAE Navy, the Critical National Infrastructure Authority (CNIA) and the Bahrain Navy,” said ADSB’s CEO William Saltzer.

Most modern naval yard
Abu Dhabi Ship Building, established in 1996, is a public joint stock company based in the UAE. It operates the most modern naval shipyard in the Arabian Gulf and is the only shipyard in the region with the capability to build, refit, repair and upgrade complex naval warships. As well as providing products and related services to navies, coast guards and other military and paramilitary organisations, it serves commercial vessel operators across the GCC region.

The company is listed on the Abu Dhabi Securities Exchange (ADX).

Mubadala Development Company holds 40 per cent of the shares and the Abu Dhabi Government 10 per cent. The remaining shares are held by thousands of individual UAE citizens.