UAE’s EPC heavyweight National Marine Dredging Group (NMDC), with over $15 billion of projects under execution, has grown its net profit by 30% in 2022 to reach $350 million, the company recently reported. The company also noted that it secured contracts worth $2.6 billion last year.
While the group strengthened its position locally and regionally, it expects to maintain its growth trajectory in 2023, in light of positive economic indicators.
NMDC’s contract highlights
In 2022, NMDC secured a $1 billion contract for Umm Shaif Field fom ADNOC valued at AED 3.47 billion.
The company also won awards from Saudi Aramco totaling $673 million including Jafurah Development Programme and MNIF 14 Jacket projects.
Another significant contract secured by NMDC included the Lower Zakum Field contract for building a New Main Gas Line project (NMGL) from ADNOC.
In January 2023, the group was awarded by ADNOC the pre-construction service agreement (PCSA) related to the offshore facilities of the Hail and Ghasha Gas Development project for approximately AED220 million.
Commenting on NMDC’s 2022 financial results, group chairman, HE Mohammed Thani Murshid Ghannam Al-Rumaithi, said: “2022 witnessed exceptional and distinct revenue and net profit growth, as the group won unique and specialised contracts worth more than AED 9.6 billion, reflecting the success of our plans to achieve geographical expansion and diversify into new business verticals as well as capture additional market share in the UAE and beyond.”
