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Al Ain Ahlia Insurance Co. (PSC), incorporated in Abu Dhabi in 1975 under Law No. 18 and registered on 8th August 1984, held a Board of Directors meeting on Wednesday, 14th August 2024, from 12:00 PM to 01:00 PM. All seven board members were present, achieving a 100% quorum. The meeting resulted in the approval of the minutes from the previous meeting on 18th July 2024, the ratification of the financial statements for the second quarter of 2024, and the discussion and approval of the board committees' recommendations. The meeting was authorized by Yaser Ibrahim Hmedan, the Board Secretary. The company's paid capital is AED 150,000,000.

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.