Abu Dhabi Ship Building Co.

Abu Dhabi Shipbuilding Company PJSC (ADSB) has successfully completed the First Steel Cut milestones for the second and third BR71 MKII corvettes for the Angolan Navy. The ceremonies took place in Abu Dhabi and Cherbourg, France. ADSB is producing three BR71 MKII corvettes and seven of 11 patrol boats under this contract. They also held a steel cutting ceremony for the FA-400, a 45m Offshore Patrol Vessel designed and built in the UAE, expected to be ready by early 2025. ADSB is working on eight large warships, including four Falaj3 class vessels for the UAE Navy, and has completed over 20 composite boats this year. The company has an order book of over 100 vessels, demonstrating its commitment to high-quality, innovative maritime solutions and supporting the UAE's maritime industry development.

Abu Dhabi Ship Building Company PJSC (ADSB) has appointed Q Market Maker (QMM) as its liquidity provider to enhance the liquidity and market efficiency of its shares on the Abu Dhabi Securities Exchange (ADX). Starting from September 12, 2024, QMM will provide liquidity by submitting two-way quotes in accordance with UAE regulations. This move aims to create a more liquid and transparent market for ADSB's shareholders and investors. Both David Massey, CEO of ADSB, and Magdi Shannon, CEO of QMM, expressed optimism about the collaboration, highlighting its benefits for market liquidity and the growth of the UAE's maritime sector.

In the first half of 2024, revenues for the company increased by 25% to AED 704 million, up from AED 566 million in the same period in 2023. This growth was largely driven by progress on contracts for building corvettes, patrol boats, and logistical support for the Angolan Navy, as well as the Falaj3 contract for the UAE Navy. Net profit rose to AED 23.9 million from AED 21.0 million in the previous year, with an expected reversal of a AED 24.5 million provision against receivables anticipated later this year. The company also completed 53 MRO dockings and made progress on other projects, including Sea Trooper vessels and Search and Rescue boats. In February 2024, the company sold a new autonomous Mine Counter Measures vessel showcased at NAVDEX 2023, which attracted significant customer interest.

Abu Dhabi Ship Building PJSC has released its unaudited condensed interim consolidated financial information for the six-month period ending June 30, 2024.

On July 2, 2024, Abu Dhabi Ship Building PJSC held a Board of Directors meeting from 10:00 am to 12:00 pm with eight board members present, achieving an 88.89% quorum. During the meeting, the board approved the previous meeting's minutes, the company budget for 2024-2028, and the company policies and procedures. The authorized signatory for these resolutions is CEO David Massey, who signed the document on July 2, 2024.

Abu Dhabi Ship Building PJSC has announced that its Board of Directors meeting No. 2 of 2024 will be held on Tuesday, 02 July at 10 am at the company headquarters. The agenda includes the approval of the previous meeting's minutes, the company budget for 2024-2028, and company policies and procedures.

The General Assembly Meeting of Abu Dhabi Ship Building PJSC was held on Wednesday, 26 June 2024, from 1:00 pm to 1:30 pm, both in person at the company's location in Mussafah Industrial, Abu Dhabi, and virtually. The meeting was chaired by Saeed Salim Hassan Salim Alsuwaidi, a member of the Board of Directors, with a quorum of 52.26% attendance. The meeting approved three special resolutions: related party transactions with Emirates Advanced Research and Technology Holding Company – LLC and Anavia Company, both exceeding 5% of the company's capital, and authorization for the Board of Directors or authorized individuals to represent the company and implement the approved resolutions. The summary was provided by David Massey, Chief Executive Officer.

The General Assembly Meeting of Abu Dhabi Ship Building PJSC took place on June 26, 2024, from 1:00 pm to 1:30 pm. The meeting was chaired by Saeed Salim Hassan Salim Alsuwaidi and had a quorum of 52.26% attendance. The meeting was held both in person at the company's location in Abu Dhabi and virtually. Three special resolutions were approved: a related party transaction with Emirates Advanced Research and Technology Holding Company, a related party transaction with Anavia Company, and the authorization for the Board of Directors or their representatives to implement the special resolutions. The meeting was concluded under the supervision of CEO David Massey.