ADSB reports a net profit of AED 114.39 million

Abu-Dhabi-Ship-Building-LogoAbu Dhabi Ship Building (ADSB) has announced its financial results for the year ended 31st December 2009 reporting a net profit of AED 114.39 million. Company's total assets rose 29 per cent to stands at AED 2.2 billion.

William Saltzer, the CEO of ADSB hailed the performance of the company during 2009 and expressed, "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 and the Bahrain Navy."

The Board of Directors of Abu Dhabi Ship Building, a Public Joint Stock Company based in the UAE, held a meet on 14 February discussing the results and other financial issues. It also recommended a 10 per cent cash dividend to the shareholders of the company. Meanwhile, the Annual

General Meeting (AGM) has been scheduled for 12 April 2010 in which the matter of dividend besides other important issues would be decided. Homaid Abdulla Al Shemmari, the Chairman of the Board of Directors ADSB also hailed robust performance of the company terming it as an asset for Abu Dhabi and the region.