Abu Dhabi Ship Building reports profit fall but sees promise from Mina Zayed floating dock

Abu Dhabi Ship Building is hoping its newly opened floating dock facility in Mina Zayed will unlock increased revenues from commercial shipping clients, while continuing to grow its customer base among regional governments.

The company, whose major clients include the UAE Navy and Kuwait Ministry of Defence, said that its new floating dock facility began operations in July, even as its infrastructure continues to be built up.

“ADSB continues to provide prompt and quality repairs for [the] UAE Navy fleet, in accordance with military standards,” the company said in its management discussion and analysis for the second quarter.

“Simultaneously, ADSB is focusing on further expanding its footprint in services for commercial ship repairs, refits and conversions.”

It was reported last month that offshore supply vessel Bourbon Liberty 108 had become the first ship to be serviced the new floating dock facility, which can handle vessels up to 180m long vessels in dock and larger ones on wet berths.

ADSB said that one project has been completed successfully while two larger projects were currently ongoing, giving no further details.

The ship builder announced a 16.9 per cent fall in second quarter profits on Monday in spite of a 31 per cent increase in revenues, attributable to foreign exchanges losses.

ADSB signed a Dh260 million deal in January with the Kuwait Ministry of Defence to build and supply landing crafts and high speed protection vessels.

Shares in Abu Dhabi Ship Building were unchanged at Dh2.84. The company’s shares have gained 1.4 per cent since the start of the year.

jeverington@thenational.ae

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