Asry's offshore unit spurs revenue growth
Manama, August 6, 2013
The offshore division of Arab Shipbuilding and Repair Yard (Asry) contributed approximately 44 per cent of the firm’s income last year, registering its highest ever share of total revenues, the company’s CEO said.
"The division continues to be the primary pillar of Asry's revenues and," Chris Potter was quoted as saying by the Gulf Daily News, our sister publication.
"Revenues grew in the face of ongoing downward forces in the market, owing largely to diversification," he added.
"Over the last year, two other divisions became integral to our offering - Asry Consultancy Services and Asry Energy Division. The latter saw completion of the first barge hull, and the former was inaugurated later in the year and already has projects underway.
"Modernisation of the yard facilities also entered its final phase last year, with several major projects being completed," he said.
"New quay wall cranes were commissioned, adding another 45 tonnes of total lifting capacity to the yard and bringing the quay wall in line with leading berth infrastructure standards. A new sewage treatment plant and yard-wide network was completed, raising the standards of the yard waste management systems to international levels," Potter explained.
"Also, new facilities for labour accommodation were constructed on an area of 7,200 sqm, upgrading the standard of living of the yard's workforce," he added.
According to Potter, the company also overhauled its global agent network in order to maximise reach into primary target markets across the world.
This included new agent appointments in Germany and Benelux as well as Japan, which have already yielded appreciable increases in business from both markets.
A new approach was also taken to agent-principal relationships, with greater communication implemented in ways such as annual agent workshops, increased marketing support and a dedicated agent manager within Asry.
Last year also saw a new brand rollout which helped to make the company's corporate communications strategy more coherent.
Recognising the key role of employee training and development in the company's success, Asry continues to invest in the national workforce as a part of its strategic policy, Potter said.
"This has resulted in an extensive range of human resources benefits across the firm and the entire industrial sector," he added.
He said the company expects more efficient work processes and greater output capacity as a result of the upgraded yard capabilities.
A $188 million expansion and modernisation programme is underway and nearing completion.
"The re-organisation of commercial operations into separate profit centres is also expected to lead to better identification of improvement needs and opportunities," he said.
"Foundations for further growth have been created as also the mechanisms for it in the form of the new revenue streams," Potter added. – TradeArabia News Service