Posted on May 3, 2023
National Marine Dredging Group (NMDC), one of the world’s leading engineering, procurement, construction (EPC) and marine dredging groups, has achieved solid growth for the first quarter with its revenue surging two-fold to hit AED3.2 billion ($871 million) from AED1.5 billion ($408 million) last year.
Announcing the results for the three-month period ended March 31, 2023, NMDC said the group continued its string of record profits as a result of its success in implementing its expansion strategy.
This strengthened its local and regional presence and doubled its customers’ confidence in its ability to execute various projects according to the highest standards, leading it to win new businesses, particularly in the UAE, with the completion and delivery of others.
The Abu Dhabi group pointed out its net profit soared to hit AED303 million from AED65 million, thus posting a 366% growth over last year.
This reaffirms NMDC Group’s success in strengthening its financial performance by enhancing operational efficiency, executing a diverse range of specialized and complicated projects and investing in its world-class fleet and capital assets.
This comes after the group achieved record net profit in 2022, totaling AED1.3 billion, compared to net profit of AED1 billion in 2021.
According to NMDC, it had won contracts worth more than AED3 billion during Q1, most notably Al Hudayriyat Island PDA for the dredging, grading and filling and ground improvement works from Modon Properties for a total value of AED2.95 billion in addition to the pre-construction service agreement (PCSA) related to the offshore facilities of the Hail and Ghasha Gas Development Project from Adnoc for a total value of about AED220 million.
The Emirati group has a number of upcoming projects in Southeast Asia and South Asia, which highlights the confidence of the industry and clients in its competencies.
On the solid results, Chairman Mohammed Thani Murshid Ghannam Al Rumaithi said: “We achieved remarkable growth in terms of revenue and profitability during the first quarter, and owe this success to our unwavering belief in our capabilities and steadfast determination to advancing our expansion strategy, catering to the needs of our customers, and gaining their growing confidence in our capabilities.”
“Moving forward, we remain committed to reaching new heights by maintaining our upward trajectory and actively pursuing new projects, with a focus on enhancing operational efficiency and boosting profitability levels,” he stated.
CEO Engineer Yasser Zaghloul said: “We are delighted to report that our first quarter financial results have been exceptional, demonstrating the success of our strategic initiatives and the resilience of our business model.”
“We are committed to delivering sustained growth through our focus on winning new strategic projects, expanding our business into new markets, leveraging our cutting-edge technologies and capabilities as well as optimizing our operations for greater efficiency and profitability,” he stated.
“As we continue to invest in our people, processes, and systems, we are confident in our ability to drive innovation, improve efficiencies, and deliver exceptional value to our customers, shareholders, and employees. We are committed to implementing our strategic priorities and continue to deliver sustainable growth for the long-term, further strengthening our leading position in the engineering, procurement, construction, and marine dredging industries.”
The Group, he stated, has also developed exceptional capabilities in energy EPC, for offshore and onshore construction and the maintenance of oil and gas facilities.
“It has expanded its marine contracting operations through aggressive expansion for the construction and maintenance of ports, waterways, and near-water structures. The group is also strengthening its specialist marine services with offshore logistics and services as well as for testing the conditions for construction and maintenance,” he added.-TradeArabia News Service