The year 2012 revenues were $177million from 185 vessels repaired, compared to 2011’s $168million from 200 vessels.
“2012’s results were a testament to that foundation as the company posted another year of growth. Considering the ongoing market depression and increasing regional competition, especially from the new ship yards or from existing yards in the region which have expanded their capabilities, posting a profit is impressive in itself, let alone carving out further growth,” Shiakh Duaij said.
In his yearly message, he Shaikh Duaij termed the 2012 as a great success for ASRY. The endeavours and achievements of the company throughout the year were the last remaining pieces of a strategy to position the yard for its next stage of progress.
This shift in positioning has seen ASRY complete a diversification process that has split the company into four distinct business units: Ship Repair Services, which will continue to remain ASRY’s core business; Offshore Services; Consulting Services; and Energy Services. Through this new configuration, global customers can experience the advantages of ASRY that have made it the leading repair complex in the region.
These advantages are four-fold; firstly ASRY is the most experienced marine facility in the region with 35 years of repair knowledge; secondly it is one of the most flexible yards due to the recently expanded 4km of berth space; thirdly it is an integrated repair destination that includes all in-house representation of all suppliers and contractors required for a turnkey repair job; and fourthly it boasts leading turnaround times in the region thanks to Bahrain’s Business-friendly administrative, legal, and customs processes.
ASRY’s future progress will no longer be solely dependent on ship repair, but on a variety of marine expertise that opens up exciting new revenues streams going forward.
This new strategic positioning, however, has not overshadowed the fundamental factor of our ongoing success – tireless dedication by a talented workforce.
“I am proud that the ASRY has also continued on its mission to modernize its corporate operation and be an example for other industrial players in the region. I believe that for external success to flourish, a company’s internal integrity must be rock solid. In this regard, ASRY made impressive gains in two particular areas. Firstly the Company’s corporate transparency reached new heights as new procedures were enforced in areas such as procurement and accounting to further reinforce and enhance the confidence of every customer and supplier about ASRY’s utmost fairness and transparency in their dealings with them. Secondly, community support initiatives such as new multi-million dollar training partnerships with the public sector are ensuring the Company gives back to the society in which it thrives. Recognition of these internal advancements came in the latter half of 2012 as ASRY was awarded multiple global awards – the Seatrade Award for Corporate Social Responsibility, and the Lloyds List Award for Safety Award – important reminders of the role of corporate values in building growth and success.”
“As a part of it’s to commitment to a high level of corporate social responsibility, ASRY attaches considerable importance to comprehensive employee welfare, training initiatives and environmental programmes. As such, an important training initiative launched by ASRY in the first quarter of 2012 in association with Tamkeen and the National Institute for Industrial Training, is gathering momentum. Students selected for training under this programme would receive training at the institute as well as at ASRY’s Training Centre. A stipend is extended to the trainees during the training period, after which successful trainees will be employed by ASRY in stages. This programme is a part of series of projects and programs being implemented by ASRY in support of the national economy on an on-going basis,” the Chairman added.
“ASRY is also strongly committed to protecting the maritime environment in the region and has committed more than $3million over the past two years to environmental considerations. During October 2012, ASRY was honoured by a visit to the yard by IMO’s Secretary General, Koji Sekimizu. During the visit, ASRY expressed its support to IMO in its global fight against piracy and protection of maritime environment.
“ASRY’s development and growth continues in accordance with a carefully designed Strategic Plan. Having successfully implemented its agenda for the period 2008-2012, ASRY is in the final stages of drawing the next Strategic Plan starting from 2013, which will define where ASRY wants to be in five years from now, how to arrive there in the most effective manner, while also furthering the company’s capabilities, productivity and standards of service to its regional and international customers.
“The successes of ASRY are primarily a tribute to its dedicated and highly skilled workforce, teamwork and leadership. It is most gratifying that ASRY has been continuously receiving excellent support and encouragement from all the shareholding countries which is a vital factor in the Company’s continued and growing success over the years. I, therefore, take this opportunity to extend my appreciation and gratitude to all of our shareholders, including the Government of the Kingdom of Bahrain. I would also like to extend my sincere thanks to my colleagues on the Board of ASRY for their continued commitment and support to the company. ASRY’s entire workforce, including the management, staff and workers should also receive recognition for their dedication, hard work and support without which ASRY would not have achieved its results in the difficult market conditions. My sincere thanks also go to ASRY’s sub-contractor partners and of course our hard-working and highly capable global network of agents, for all of their valuable support and co-operation during the year.”