Posted on November 1, 2023
This Management Discussion and Analysis (MD&A) should be read in conjunction with the unaudited interim condensed consolidated financial statements of National Marine Dredging Company PJSC (“NMDC” or the “Group”) as at and for the nine-month period ended 30 September 2023.
SUMMARY OF CONSOLIDATED FINANCIAL RESULTS
- Revenue of AED 11,039 million is higher than the revenue for the corresponding prior period, primarily driven by revenue from the newly awarded project Al Hudayriyat Island, in addition to continued progress on projects such as Shamal Development, Hail & Ghasha and Umm Shaif in the U.A.E., and ARAMCO L TAs in the Kingdom of Saudi Arabia.
- Geographical diversification of revenue for the Group is set out in the chart below. For the period ended 30 September 2023, the Group generated 79% of its revenue from the UAE and 21 % from the international market (mainly Saudi Arabia 17% and Egypt 3%).