Asry posts 4th year of revenue growth
Manama, June 18, 2014
Bahrain's Arab Shipbuilding and Repair Yard (Asry) has announced that 2013 was its fourth year of consecutive growth, and that the firm is now entering a period of consolidation.
The revenues grew to $199 million, an increase of 12.1 per cent from the 2012 level. The revenue was generated from repairs on a record-equalling 184 vessels, reported the Gulf Daily News, our sister publication.
In 2010, Asry had repaired as many vessels in a single year.
"Last year Asry put the finishing touch on an ambitious period of expansion," chairman Shaikh Daij bin Salman Al Khalifa said in the company's annual review.
"With an investment of $188 million, a series of revenue diversifications, and a raft of new facilities completed, this expansion has equipped Asry with a variety of tools to drive to new growth," he noted.
"However, all the improvements made over recent years must now be unified and co-ordinated into a single purpose; the various developments must fit together as pieces of an overall objective," he said.
"This is the challenge of this year; to bring all of Asry's capabilities together towards tomorrow."
The review also confirmed the activation of a five-year expansion plan at the shipyard to maintain its position as the leading marine facility in the region.
The chairman said last year the company's board had formulated and announced the roadmap for Asry going forward.
Designed to guide the evolution of the company in the medium term, "Strategic Plan 2013-2017" includes a series of projects that would serve as markers for Asry's continued growth.
"The most important projects," Shaikh Daij said, "include the construction of a new dry dock, the yard's fourth, to service the surplus demand; growth of the consultancy business, outsourcing the yard's years of expertise as a revenue stream; deeper penetration of the Saudi Arabian market with the establishment and growth of an office in the Eastern Province; a reorganisation of the corporate structure to realign and unify the human resources for an optimised approach; and the continued Bahrainisation of the company through pro-active and merit-based human resource strategies."
He said that customers' response to the growth had been positive.
"Successes from the recently completed expansionary phase did not go unnoticed by either our customers or the international shipping industry," he added.-TradeArabia News Service