National Marine Dredging Company (NMDC) reported a significant increase in net profit of $136.4 million (AED 501 million) for the nine months from January to September 2021.
The profitable third quarter performance followed the integration of NMDC and National Petroleum Construction Company (NPCC) to become a regional leader in providing integrated oil & gas and marine EPC services.
NMDC’s strong performance is highlighted by a nine month (Jan to Sept) 2021 revenue of $1.46 billion (AED 5.380 billion).
Underlining the strong recovery following the pandemic, the profitable financial performance was backed by strong new business wins. In milestone wins, NMDC was awarded the $132 million (AED 485 million) Dadna Fujairah Project, the $40.8 million (AED 150 million) Bardawil project and the $78.9 million (AED 290 million) Damietta project in Egypt.
The Group continued to achieve new milestones in its ongoing projects such as Hail and Ghasha for ADNOC in the UAE and long-term agreements for various projects in the Kingdom of Saudi Arabia.
In the third quarter of 2021, NPCC was selected as one of the eight companies to be awarded the opportunity to provide engineering services for key projects for ADNOC which are valued at approximately $1 billion (AED 3.67 billion). ADNOC will advise on the specifics of these projects in due course.
Eng. Yasser Zaghloul, Group CEO, NMDC, said: “Our robust financial performance for the third quarter – and the nine months of 2021 – highlight the success of our strategic initiatives to overcome the challenges of the pandemic and to build a strong integrated organization that adds value to our partners, customers and all stakeholders. We focused on cost optimization as well as resource use efficiency and won impressive new projects that further set the platform for sustainable growth in the coming period. We have a strong business model that will continue to steer our growth.”
The combination of NMDC and NPCC (the Group) creates one of the leading entities in the industry, with an established footprint across MENA and South Asia. The businesses are complementary, and the transaction provides significant revenue diversification for the Combined Group. By creating a single platform, the Combined Group is ideally positioned to capture growth opportunities in the UAE and in key regional markets, with strong capabilities across the value chain to support future expansion plans.
