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National Marine Dredging Company Group, a leading engineering, procurement, construction (EPC) and marine dredging group, has recorded significant growth during the nine-month period with its net profit surging by 40.3% to hit AED703 million ($191.3 million) from AED501 million 136.3 million) last year.
The positive results showcase the group's success in implementing its geographical expansion strategy, diversifying into new business verticals, and completing additional projects in the UAE and abroad, all while continuing to win new projects across various industries.
During the third quarter, the group secured contracts worth AED2 billion, thus raising the total value of contracts won during the current year to AED9.26 billion.
Further cementing this success, NMDC’s revenue increased by 12.9% to AED6.07 million from January to the end of September 2022, compared to AED5.38 million last year.
For the third quarter, the group’s revenues increased by 19.6% to hit AED2.52 billion, while its net profit rose over 11% to reach AED300 million.
The group’s total assets stand at AED13.8 billion as of September, up 7% over AED12.9 billion at the end of December 2021, said the leading marine dredging group.
On the solid results, Chairman Mohamed Thani Murshed Ghannam Alrumaithi said: "In line with our expansion strategy, we continue to maintain outstanding and healthy growth rates as well as launch new partnerships that will enhance our growing business portfolio in the UAE and around the world."
NMDC's business continued to grow and expand during the first nine months, with significant progress made in major strategic projects such as the Hail and Ghasha field works with the Abu Dhabi National Oil Company, long-term agreements with Saudi Aramco, and the Etihad Rail project.
"The group’s financial performance further strengthens our reputation and leadership position regionally and globally and increases our partners' confidence in our ability to execute major marine dredging, engineering and construction projects in various sectors. Our current and future projects vary in scope, whether by sector or geography, demonstrating our clear and ambitious vision to achieve more growth and higher investment returns," remarked Al Rumaithi.
Group CEO Engineer Yasser Zaghloul said: "Our quarterly results reflect our full commitment to delivering projects to the highest international levels and operational efficiency standards. Today, the Group is in a strong financial standing, with solid profits and operational capabilities that enable new avenues of growth and prosperity, in terms of future contracts and partnerships that open new sectors and markets."
"We are committed to further developing our fleet, equipment, and technological capabilities as well as investing in young industrial talent, ensuring our long-term growth," he added.-TradeArabia News Service