Abu Dhabi Ship Building (ADSB) has present it’s Integrated Report for the year 2023. The report is presented as per the guidelines set out by the Securities and Commodities Authority. The report provide an overall performance of the company during the year 2023. The scope of this report is from 1 January 2023 to 31 December 2023.
Financial Performance
- Revenue: ADSB reported a substantial increase in revenues for 2023, amounting to AED 1.258 billion, marking a 91% increase from the previous year’s AED 660 million. This significant growth was largely driven by major contracts, including the Falaj3 contract to build four Offshore Patrol Vessels for the UAE Navy, and a EUR 1 billion contract to build three BR71 MKII 71-meter corvettes for the Angolan Navy.
- Net Profit: The net profit for 2023 was AED 40.4 million, reflecting a 97% increase compared to AED 20.5 million in 2022.
- Net Cash Position: ADSB ended the year with a net cash position of AED 745 million, significantly improved from the previous year.
Strategic Initiatives and Contracts
- ADSB continued to service its domestic customers and retained ADNOC as its largest commercial customer.
- The company also secured more than 60 new build contracts for composite boats for various national and international entities.
- ADSB boasts an order book exceeding AED 6 billion, with a large pipeline of potential business domestically and internationally.
Market Position and Future Outlook
- ADSB benefits from being part of the EDGE Group, which enhances its branding and market outreach. The company anticipates continued growth in revenue and profitability due to ongoing and new contracts.
- It remains focused on sustaining revenue and dividends over the coming years through strategic initiatives and market positioning.
Governance and Sustainability
- The report also emphasizes ADSB’s commitment to corporate governance and sustainability, aligning with broader UAE goals for economic and environmental sustainability.
You can read the full report here:
Abu Dhabi Ship Building (ADSB) specialises in the build, repair, maintenance, refit, and conversion of naval and commercial vessels. With 25 years of service to the UAE and beyond, we are one of the most experienced shipyards in the region. We deploy the latest technologies, including robotics, to maximise fleet readiness, extend ship lifetimes, and lower overall lifecycle costs.
