ASRY gets nod for 2016 budget

The board of directors of Arab Shipbuilding and Repair Yard Company (ASRY) yesterday approved the company’s budget for the year 2016 after extensive discussion, a company statement said.  

The approval was given during a board meeting held ,under the chairmanship of Shaikh Duaij bin Salman Al Khalifa, Chairman of the Board of Directors, to review the company’s financial and operational results. The 142nd meeting was held at the company’s head office in Hidd on Thursday. 

The board meeting while reviewing financial results confirmed revenue figures of US$133 million, while pointing out that Asry recorded a big 37 per cent increase in its operations from the same period a year ago. 

After the meeting, Shaikh Duaij said: “The board reviewed the company’s financial and operational results, as well as commercial activities 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.”

He 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 13pc 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 37pc. 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.”