Abu Dhabi Ship Building, listed on Abu Dhabi's Securities Exchange, expects higher revenue this year as it focuses on exporting its vessels to different markets, its chief executive said.
The company which recorded revenue of Dh254 million last year, will target markets in countries that border the Indian Ocean, David Massey told The National in an interview. It also plans to boost its presence in the luxury boat market.
“ADSB has only exported to GCC countries till now and we are going beyond GCC to East Africa, North Africa and the Indian Ocean,” Mr Massey said.
He added, however, that the UAE's navy and the country’s Critical Infrastructure and Coastal Protection Authority (Cicpa) will continue to be its primary customer.
The company, which is part of defence conglomerate Edge, manufactures corvettes, offshore patrol vessels and fast patrol boats. It also provides a full range of maintenance, repairs and refits as well as upgrades and conversions.
“Margins are better on export business than they are on selling to the domestic customer,” Mr Massey said.
“Last year was the absolute bottom of the cycle for ADSB and in 2021 will see a modest increase in revenues but there will be a much more significant increase in revenues in 2022.”
Earlier this week, the company showcased two rigid-hulled fast patrol boats of 16 metres and 12 metres in size aimed at coast guards.
“We’ve seen a huge amount of interest from coast guards. All of them have the same requirements and have problems with piracy, smuggling and fisheries protection.”
ADSB, which posted losses of Dh21.8m last year, does not expect to return to full-year profitability until next year.
“The company will return to profit sometime this year (in the fourth quarter). In 2022 we are projecting a full year profit.”
It is also planning to sell an “uneconomic” floating dock at Mina Zayed to cut costs.
ADSB is one of 25 entities that make up Edge – a defence conglomerate formed in 2019 that specialises in developing advanced technology for weapons systems, cyber protection and electronic warfare.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
UAE currency: the story behind the money in your pockets
If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
