ASRY Board Approves 2016 Budget

ASRY Board Approves 2016 Budget

 

Chairman of the Board of ASRY reveals stable performance for year so far

 ASRY, the leading ship and rig repair yard in the Arabian Gulf The Board of Directors of the Arab Shipbuilding and Repair Yard Company (ASRY) held its 139th Meeting at the company’s head office in Hidd on Thursday, 10 December 2015, under the chairmanship of His Excellency Shaikh Duaij bin Salman Al-Khalifa, Chairman of the Board of Directors, representative of the Kingdom of Bahrain, and in the presence of the Board members.

After the meeting, His Excellency Shaikh Duaij bin Salman Al-Khalifa, Chairman of the Board of Directors, gave the following statement: “The Board reviewed the company’s financial and operational results, as well as the commercial activities of the company during the period from 1st January to 31st October 2015 and appropriate resolutions on certain important issues were adopted, which will support the coming growth of ASRY. The most important of such resolutions is the approval of the next year’s budget after extensive discussions.”

His Excellency added, “Other significant issues of business included confirmation of revenue figures for the period, which amounted to approximately US$133 million. Out of the main three income sources, the ship repair operations revenues yielded 13% increase over the last year, thus partially making up for the downturn period witnessed by the second source of income, namely marine rig repair. Revenue of the third source of income, the New Construction & Engineering Division, also increased.”

“Operation wise,” he continued, “the company maintains high overall number of vessels with 201 ships being repaired during the period against 146 ships during the same period last year, an increase of 37%. During the period, repair of military ships also grew and the company is making good progress on a landing craft for the Bahrain Coast Guard, which is scheduled for delivery in June 2016.”

“The company has also succeeded in reducing all operational, manpower and administration costs during this period compared to the same period of last year.” He concluded.

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