Abu Dhabi Shipbuilding profit tumbles 62% in Q1 2009

Friday, May 08, 2020

The Abu Dhabi Shipbuilding said that it’s net profit tumbled by nearly 62% in the Q1 of 2009 after netting record earnings through 2008 because of a surge in business.

ADSB said that net profits dived to AED 10 million in the Q1 of 2009 from AED 26.74 million in the Q1 of 2008. The decline was a result of a sharp drop in the company’s total revenue to around AED 159.3 million from AED 197.4 million in the same period. Operating income also slumped to AED 12.59 million from AED 21.89 million.

Earnings per share plunged to AED 5.57 from AED 13.85 while total current assets slipped to AED 1.44 million from AED 1.47 million.

At the end of last March, the company’s shareholders equity swelled to AED 305.5 million from around AED 281.3 million at the end of March 2008.

ADSB gave no reason for the decline in the income, which followed record profits in 2008 and an announcement that they surpassed its expectations.

ADSB said that “Revenue, profits and earnings per share are all at the highest levels in the company’s history thus far. This comes as a result of success in winning new projects as well as through better than anticipated performance on its existing projects.”

It has won several defense contracts for the UAE Armed Forces since it was set up in Musaffah outside Abu Dhabi in 1995 as a JV between Abu Dhabi Government, Mubadala Development Company and other shareholders.

Source: Steel Guru