Abu Dhabi Ship Building Co.

Abu Dhabi Ship Building PJSC has announced that its Board of Directors will hold their third meeting of the year on November 30, 2023. The meeting's agenda includes the approval of previous meeting minutes, discussions on company projects and operations, approval of the 2024 budget, and updates from committees.

The report discusses the financial performance of a company for the period ended 30 September 2023. The company's revenues rose to AED 736 million in the first nine months of 2023, up from AED 503 million in the same period in 2022. Net profit for the period was AED 23.4 million, after costs of AED 2.2 million related to the NAVDEX exhibition. This compares to a net profit of AED 14.0 million in the same period in 2022. The company also reported some supply chain issues affecting revenue and profit growth in the third quarter. Despite this, the company's Falaj3 program remains ahead of schedule. The company had net cash of AED 506 million at the end of the period, which generated interest income of AED 7.6 million. The company also received the first advance payment on a contract to build three corvettes and patrol boats for the Angolan Navy, with the second and final instalment received in October 2023. This contract, worth nearly AED 4.0 billion, is the largest export order in the company's history.

The text is a review report and condensed interim consolidated financial information for Abu Dhabi Ship Building PJSC. This unaudited document covers the nine-month period ending on 30th September 2023. It is intended for individuals interested in finance and investing, particularly those who are following the company's financial performance.