National Marine Dredging Group achieves 366% growth in net profit in Q1 2023 to AED 303 mn

National Marine Dredging Group achieves 366% growth in net profit in Q1 2023 to AED 303 mn

ABU DHABI, 28th April, 2023 (WAM) – National Marine Dredging Group (ADX: NMDC) announced achieving a record growth in its net profit by 366% during the first quarter of 2023, to reach AED 303 million, compared to net profit of AED 65 million during the same period last year.

The Group continued its string of record profits as a result of its success in implementing its expansion strategy, which 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.

These profits resulted in doubling the revenues during the first quarter ending on March 31, to reach AED 3.2 billion, compared to revenues of AED 1.55 billion during the first quarter of 2022, a growth of 106%. 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 AED 1.3 billion, compared to net profits of AED 1 billion in 2021.

NMDC Group won contracts worth more than AED 3 billion during the first quarter of 2023, most notably Al Hudayriyat Island PDA for the dredging, grading and filling and ground improvement works from Modon Properties for a total value of AED 2.95 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 AED 220 million.

Commenting on the results, Mohammed Thani Murshid Ghannam Al-Rumaithi, Chairman, NMDC Group, 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."

Eng. Yasser Zaghloul, CEO, NMDC Group, 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 added, “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.”

NMDC Group has a number of upcoming projects in Southeast Asia and South Asia, which highlights the confidence of the industry and clients in the Group’s competencies.