24 million dirhams in the half-term profits of Abu Dhabi Shipbuilding, with a growth of 14% Al Khaleej Newspaper

Abu Dhabi: “The Gulf”
Abu Dhabi Shipbuilding Company’s net profit in the first half of 2024 increased to 23.9 million dirhams, a growth of 14%, compared to 21 million dirhams in the same period in 2023. The net profit in the first half came before the reversal which was expected. provisions against receivables on a major contract Under international accounting standards of AED 24.5 million, which will be reversed upon receipt of payments expected to occur later in the year.
Revenue in the first half of 2024 amounted to 704 million dirhams, an increase of 25% compared to revenue for the same period in 2023, which amounted to 566 million dirhams, mainly due to the progress of the contract was made to build three 71-meter BR71. MKII boats, as well as patrol boats Designed by the Abu Dhabi Shipbuilding and Logistics Company for the Angolan Navy, the company successfully completed four phases of the project. In addition to the award-winning Falaj 3 contract to build four new maritime patrol vessels for the UAE Navy, Abu Dhabi Shipbuilding Company successfully completed nine phases of the project.
Maintenance and repair area
In addition to the Falaj 3 and Angola contracts, which will provide ADSB with a stable base for future growth and profitability, the company continues maintenance and repair work (military and commercial), completing 53 acres , including boat launches, during this period. .
The company has made progress in its other business sectors, including the construction of five new landing craft, and the construction of twenty-four search and rescue boats based on the company’s design for these ships , which was presented at the “NAVDEX 2021” exhibition. In total, Abu Dhabi Ship Building has orders for around 60 ships for local and international customers.
In February 2024, the company sold a 17-meter-long mine action boat, which attracted the interest of many customers during its presentation at the NAVDEX 2023 exhibition. Research and development work on self-propelled systems will continue -regular and semi-independent in partnership with Edge and related companies during this year.
In the second quarter of 2024, the company successfully delivered two locomotives to ADNOC, its largest commercial customer.
Applications under construction
Orders are being picked up at the company worth more than 6 billion dirhams, and more local sales and exports are to be announced, and there are other opportunities that could be worth several billion dirhams more.
Net cash amounted to 509 million dirhams as of June 30, 2024, after making payments to subcontractors for the Falaj 3 project and the Angola project in the first half. The cash position is expected to remain positive through 2024, but could deteriorate during the year as payments are made to contractors as they become due. The company strengthened its cash position as it received interest income in the first half of the year
year, with a value of 4 million dirhams.