Abu Dhabi - Mubasher: Abu Dhabi Ship Building (ADSB) has inked a contract worth EUR 1 billion (AED 3.94 billion) to foster the services of the Angolan Navy, according to a press release.
Under the deal, ADSB will provide the Angolan Navy with three BR71 MKII 71-meter corvettes, a number of its UAE-designed tactical interceptor and patrol boats, as well as unmanned aerial vehicles (UAVs). The ADX-listed company will also offer integrated logistical support and training.
Meanwhile, the agreement marks ADSB’s biggest defence export contract to date.
Khalid Al Breiki, Deputy Chairman of ADSB and President of EDGE Platforms and Systems Cluster, said: “Signing a EUR 1 billion export deal represents a momentous achievement for EDGE as well as ADSB. This demonstrates our strategic approach and steadfast commitment to increasing national exports in line with the UAE Leadership’s directive.”
David Massey, CEO of ADSB, mentioned: “The BR71 MKII corvette is a highly advanced vessel capable of performing multiple missions to secure Angola’s 1,600 [kilometer] km coastline.”
Massey added: “We look forward to fulfilling the Angolan Navy’s operational requirements and strengthening their naval capabilities while expanding ADSB’s export order book.”
In 2022, ADSB achieved net profits worth AED 19.23 million, an annual surge from AED 11.03 million.
Revenues hit AED 660.20 million last year, higher than AED 254.33 million in the January-December 2021 period, according to the preliminary financial results.
The earnings per share (EPS) rose to AED 0.09 in 2022 from AED 0.05 in 2021, while the total assets declined to AED 1.49 billion from AED 1.53 billion.
