The net profit of the National Marine Dredging Company Group (NMDC) grew 40.3% during the first nine months of 2022 to AED703 million, from AED501 million during the same period in 2021, WAM reported Oct 21.
The positive results showcase the NMDC’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 of 2022, the Group secured contracts worth AED2 billion, raising the total value of contracts won during the current year to AED9.267 billion.
The Group’s business continued to grow and expand during the first nine months of 2022, with significant progress made in major strategic projects such as the Hail and Ghasha field works with the ADNOC, long-term agreements with Saudi Aramco, and the Etihad Rail project.
Eng. Yasser Zaghloul, NMDC’s group CEO, 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.”
NMDC 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.