ADSB’s net profit nearly doubles in 2017

Abu Dhabi

Abu Dhabi Ship Building (ADSB)’s net profit increased to Dh104.8 million in 2017 from Dh61.3 million in the previous year due to awarding of marine support services contract, cost efficiency measures and expansion into oil and gasfields.

ADSB is a Public Joint Stock Company, 10 per cent owned by Abu Dhabi’s government, 40 per cent owned by Mubadala Investment Company, and 50 per cent publicly traded on Abu Dhabi’s Securities Exchange (ADX).

The firm brought in operational changes in naval ship building and small boats construction and services sectors to improve efficiency, according to a statement on Tuesday.