Abu Dhabi Ship Building reports 110% rise in net profits
1 Apr 2025 22:43
ABU DHABI (ALETIHAD)Last year (2024) marked a milestone for Abu Dhabi Ship Building (ADSB), achieving the highest revenues in its 30-year history at Dh1.496 billion— a 19% increase from Dh1.258 billion in 2023. The year also witnessed historic achievements in shipbuilding, design, and maintenance, repair, and overhaul (MRO) operations.The annual results were announced in a written statement posted on the Abu Dhabi Securities Exchange (ADX) website by ADSB Board Chairman Khaled Ahmed Ali Mohamed Al Zaabi.Net profit before tax surged to Dh85.5 million, reflecting a 110% year-on-year (YoY) increase from Dh40.4 million in 2023. This growth trajectory is expected to continue.ADSB's net cash position at year-end remained strong at Dh528 million, though a decline is anticipated in the first quarter of 2025 as supplier payments come due. The company generated Dh5.8 million in 2024 from interest on fixed deposits and continues to optimise its cash position.Revenue growth was primarily driven by the FALAJ 3 contract to build four offshore patrol vessels for the UAE Navy. Additionally, contracts for three BR71 MKII 71-metre corvettes, ADSB-designed patrol boats, and logistical support for the Angolan Navy contributed to the increase. Successful vessel deliveries under the small boat construction and ship repair programmes further boosted revenues.ADSB continued to enhance its design capabilities in 2024, including the development of the FA-400 Offshore Patrol Vessel prototype, showcased at NAVDEX in February 2025. This marks the first time in ADSB's history that the company has developed and retained design rights for a major warship, a capability set to expand further in 2025.The company remains committed to serving domestic customers through the Military Support Services contract and continues to retain ADNOC as its largest commercial client. Beyond its two major new-build contracts, ADSB is constructing over 50 composite boats for the National Guard Command (NGC), Presidential Guard (PG), and export customers.ADSB holds a contract backlog exceeding Dh4.8 billion and a strong pipeline of domestic and export opportunities valued at over Dh7.9 billion, with some awards expected this year.As part of EDGE Group, ADSB benefits from enhanced branding, market outreach, and integrated solutions that strengthen its offerings. With strong board and management backing, ADSB is implementing a strategy aimed at driving sustainable revenue growth, profitability, and future dividends.
Established under Emiri Decree No. 5 of 1995 (as amended), ADSB is mandated to build world-class vessels, marine components, and equipment, conduct all related maintenance and repair, and develop local capabilities. The company remains a competitive partner to core customers, including the UAE Navy and NGC, while also serving commercial clients, primarily ADNOC.
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