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Marine Log

June 16, 2008

Record revenues for ASRY

ASRY (Arab Shipbuilding and Repair Yard Company), Bahrain, reported the highest ever revenues since the inception of the company with the net ship repair sales rising to $164.4 million, taking the net profit to $39.3 million at end of 2007, according to Middle East News Agency

Shaikh Daij Bin Salman Bin Daij Al Khalifa, Chairman of the Board of Directors, told ASRY's 33rd ordinary meeting that company has been on the path of development and prosperity for the last five years.

Shaikh Daij said that the start of 2008 was very good and said: "The expected sales for the first half of the current year are likely to exceed $ 100 million and due to the opening of two slipway projects will allow ASRY to receive more and different types of ships adding to the revenue." The general assembly was attended by the representative of Bahrain and representatives of shareholding countries.

Net ship repair sales in 2007 reached $164.4 million--the highest sales in ASRY history and a 20 percent on 2006 sales of $136.93 million. Operating profit before depreciation reached $45.6 million compared with $22.7 million for 2006 and the net profit reached $39.3 million; an increase of 137 per cent over 2006 net profit of $16.6 million.

The number of ships repaired last year was 145 compared to 139 ships in 2006 as a large number of huge oil carriers were docked and repaired.

The number of ships from the Arab market reached 62 vessels compared with 53 in 2006 and the number of ships from the international market was 83. The income from the Arab market reached $79.7 million and from the international market was $ 84.7 million.

The general assembly approved the distribution of total dividends of $8.5 million to the shareholding countries, in proportion to the share of each country in the capital of the company.

ASRY is owned by seven Arab countries that are members of OAPEC: Bahrain, Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Iraq and Libya.

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