Contributing factors to the level of performance included regional and international economic pressure, regional competition in the shipyard market, as well as the fluctuations in oil price.
During the meeting, it was also confirmed that the selection process for a new CEO is proceeding according to plan, and that an official announcement will be made before December, 2016.
“Both the criteria and the process of finding the ideal candidate to lead the management of ASRY into a new era have been very carefully considered during this transition period,” commented ASRY Chairman, Shaikh Daij Bin Salman Al Khalifa. “A combination of vision and experience will be required to maintain and strengthen ASRY’s competitiveness going forward. The process is on schedule, and we will be in a position to announce a decision before December, 2016.”
The board also confirmed that several measures were being implemented to combat the challenging conditions. These included the ongoing roll-out of cost-efficiency measures within the company, as well as the appointment of a business advisory firm to assist in the assessment and creation of the best possible forward strategy for the company’s future success.
The consultants will be working with the ASRY leadership to address the present and future challenges facing the company and propose the most effective solutions.
It was also agreed to appoint a new manager to oversee the branch in the Eastern Province of Saudi Arabia. The Kingdom and other GCC countries are major clients of ASRY.