Abu Dhabi: «The Gulf»
The revenues of the Abu Dhabi Ship Building Company for the period ending in the first half amounted to 373 million dirhams, which is three times more than the same period in 2021, when the company’s revenues amounted to 104 million dirhams.
This increase in the current period is mainly due to the contribution of the prestigious Falaj 3 contract to build four new maritime patrol vessels for the UAE Navy, which started in the late last quarter of last year. The first phase of the project was completed ahead of schedule during the current period, and two important phases of the project are scheduled to be completed during the second half of the year.
The company’s net profit for the current period amounted to 5.2 million dirhams, compared to a net loss of 10.2 million dirhams for the same period in 2021, despite calculating gains from the sale of the floating dock, which was 17.6 million dirhams in April 2021.
At the end of 2021, the company announced a net profit of 11 million dirhams, after calculating an amount of 23.7 million dirhams from other income attributable to the reversal of net provisions, which led the company to return to profit after three years of losses. The net profit for the period was 11.7 million dirhams, before the impact of the increase in provisions under IFRS 9, in receivables and contract assets resulting from the increase in interest rates with the Central Bank affected by the current economic situation.