Posted on July 27, 2023
Abu Dhabi’s National Marine Dredging Group reported a 119 per cent increase in net profit at Dh881 million in the first-half of 2023, compared to Dh403 million in the year ago period, the Group said on Wednesday.
“The first-half year results demonstrate record-breaking numbers and substantial growth in both revenue and net profit, with the Group’s revenue reached Dh6.76 billion, compared to Dh3.54 billion in the same period of the previous year, an increase of Dh3.219 billion,” it said.
“The Group continues to expand its geographic diversity, with 79 per cent of its revenue coming from the UAE and 21 per cent from international markets, notably Saudi Arabia and Egypt,” said aid Mohammed Thani Murshid Ghannam Al-Rumaithi, Chairman, NMDC Group. “These results follow a number of major achievements, including the Group’s win of several new projects in the first-half of the year.”
“We also have a variety of upcoming new projects, including the Al Hudayriyat Island PDA project, which includes dredging, grading, and improving the soil ground,” he added.
The Group succeeded in investing Dh290 million in projects during the period ending June 30, 2023, which primarily includes dry docking, upgrading current dredgers, and supporting equipment, in addition to a piece of land worth Dh40 million.
“The first-half of 2023 was full of positive events, where we made significant progress in a number of major projects, in addition to winning new contracts,” said Eng. Yasser Zaghloul, Group CEO. “We also saw strong growth in revenue and net profits, reflecting the strength of our strategy and our excellence in execution, follow-up, and continuous evaluation of the achieved results.”
