Yard reports sales of $151m in 2015

01 June 2016

Bahrain's Arab Shipbuilding and Repair Yard (Asry) reported sales of $151 million last year, 7.3 per cent lower than in 2014, in the face of difficult market conditions and rising competition.

The number of vessels repaired during the year was 243 ships and 10 drilling rigs against 176 ships and 13 rigs in 2014.

Sales from January to March this year amounted to $41 million. Asry chairman Sheikh Daij bin Salman Al Khalifa gave details after an ordinary general meeting.

The current unfavourable local, regional and international economic conditions and difficult competition faced by the company in various operations and activities both regionally and globally meant that revenues declined although the company repaired more vessels year-on-year.

However, Shaikh Daij said the board and management were optimistic about improvement in the situation during the year as well as ahead. The meeting was attended by representatives of the shareholding states of Bahrain, the UAE, Saudi Arabia, Qatar, Kuwait, Iraq and Libya.

It approved the board’s annual report on operations last year and ratified audited financial statements as of December 31, 2015.

KPMG have been reappointed external auditors for the year for the company and its branch in Saudi Arabia.


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