Abu Dhabi Ship Building Co.

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.

On May 21, 2024, Abu Dhabi Ship Building PJSC announced a resolution by its Board of Directors to restructure the Human Resources and Nominations Committee. The restructured committee will consist of three members, namely Anas Al Barguthi (Chairman), Khalifa Abushahab (Member), Dr. Najwa Aaraj (Member), and an advisor, Noor Al Sulaimani. The resolution will be presented at the next Board of Directors meeting for recording in the minutes.