ASRY meeting highlights challenging market conditions

Manama : ASRY, the leading ship and rig repair yard in the Arabian Gulf, held its ordinary General Meeting on Thursday, May 5 at the Company’s Head Office in Hidd. The meeting was attended by representatives of the shareholding states –Bahrain, the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Iraq and Libya.

At the outset of the meeting, the Chairman of the General Assembly, Shaikh Daij bin Salman Al-Khalifa, welcomed the representatives of the member states and thanked them for attending the meeting. 

He delivered a speech at the meeting covering the status quo of the company from financial, business, and operational aspects under current unfavourable local, regional and international economic conditions. 

He also highlighted the difficult competition faced by the company in various operations and activities both regionally and globally. Shaikh Duaij expressed endeavours of the Board of Directors and ASRY’s Management to improve the situation during this and the coming years.

The general meeting approved the Board’s Annual Report  on ASRY’s operations during 2015, and ratified the audited financial statements as on  December 31, 2015. Sales amounted to US$ 151 m, which are 7.3 per cent less than those of 2014 (US$ 163 m). The number of vessels repaired during the year was 243 ships and 10 drilling rigs, against 176 ships and 13 rigs in 2014.

The General Assembly also reviewed the company’s results for the first three months of 2016 during which, sales amounted to US$ 41 m, from January 1 to March 31. KPMG was reappointed as the external auditors for 2016 for the company and its branch in Saudi Arabia. The General Assembly also discharged the Board Members from liability of management responsibility for the year 2015, and approved membership of the new Board Members for the current session.

At the end of the meeting, the Chairman of the General Meeting thanked all members of the General Meeting, representatives of the shareholding states, to the company’s customers and contractors, to the Board of Directors and the Executive Management, and to all company employees for their dedicated and loyal efforts in serving the company.