The Arab Shipbuilding Repair and Yard Company (Asry) board of directors approved the net operating income of $140 million for last year at its 107th session yesterday. The meeting was presided over by Shaikh Daij bin Salman bin Daij Al Khalifa, Asry chairman, and was attended by representatives of shareholding countries.
The board reviewed and approved financial statements and the auditor's report for last year during which net operating income reached around $140 million. The board was also informed about the financial results during the first four months of this year as Asry's net operating income reached $55.9 million, and 61 vessels were repaired or booked for repair, many of which were VLCCs.
The board was satisfied with the improvement in the ship repair market and the increase in workload at the yard during the period, especially from the Arab market, and hoped that the trend would continue in the next months. The board thanked management and all Asry employees for their sincere and hard work which was carried out in the face of stiff competition and pressure on ship repair prices.
The board was briefed on progress of the two slipway projects for which the cost is estimated at $20 million and expected to be completed in the first half of next year. The board hailed awarding Abu Dhabi National Petroleum Construction Company the trophy of ex-chairman, late Shaikh Daij bin Khalifa Al Khalifa, being the noted customer for last year as it gave work to Asry of more than $14 million.
The board also resolved to launch an annual award in the name of the chairman for the best production department and best sub-contractor in the safety field.
During the session, Zeyad Al Zahrani and Sa'ad Al Wasmi were elected Asry-MAR directors for two years. The board also reviewed a number of proposals and information related to administrative, marketing and technical matters.
The board reviewed and approved financial statements and the auditor's report for last year during which net operating income reached around $140 million. The board was also informed about the financial results during the first four months of this year as Asry's net operating income reached $55.9 million, and 61 vessels were repaired or booked for repair, many of which were VLCCs.
The board was satisfied with the improvement in the ship repair market and the increase in workload at the yard during the period, especially from the Arab market, and hoped that the trend would continue in the next months. The board thanked management and all Asry employees for their sincere and hard work which was carried out in the face of stiff competition and pressure on ship repair prices.
The board was briefed on progress of the two slipway projects for which the cost is estimated at $20 million and expected to be completed in the first half of next year. The board hailed awarding Abu Dhabi National Petroleum Construction Company the trophy of ex-chairman, late Shaikh Daij bin Khalifa Al Khalifa, being the noted customer for last year as it gave work to Asry of more than $14 million.
The board also resolved to launch an annual award in the name of the chairman for the best production department and best sub-contractor in the safety field.
During the session, Zeyad Al Zahrani and Sa'ad Al Wasmi were elected Asry-MAR directors for two years. The board also reviewed a number of proposals and information related to administrative, marketing and technical matters.