ADSB approves $5.77m cash dividends

Abu Dhabi, April 18, 2010

Abu Dhabi Ship Building (ADSB), a leading shipbuilder and naval support services provider in the Gulf region, has announced plans to distribute cash dividends of Dh21.2 million ($5.77 million) to its shareholders next month.

The ADSB, which is 40 per cent owned by leading business development and investment company Mubadala, had achieved a net profit of Dh114.39 million on revenues of over Dh1.16 billion for 2009, representing an earning per share (EPS) of 53.9 fils.

The company also reported total assets of over Dh2.2 billion, registering a growth of 29 per cent over 2008 figures.

After reviewing the results at ADSB's general assembly, the board approved cash dividends of Dh21.2 million for the year ended December 31, 2009, representing 10 per cent of the company’s total share capital of Dh212 million (10 fils per share), as the total number of shares have reached 212 million.

The record date is April 22, 2010 while the date of payment of cash dividends to the shareholders is May 23, 2010, the ADSB said in a statement.-TradeArabia News Service

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