NMDC records 146% growth in Q1 profit to Dh65.4m

The total assets of the group are now at Dh12.63 billion, a growth of 1.3 per cent over the total assets of Dh12.47 billion during the same period in 2021.

The ADX-listed National Marine Dredging Company (NMDC) (The Group), one of the world’s leading engineering, procurement, construction (EPC) and marine dredging groups, recorded a robust growth of 146 per cent in net profit to Dh65.4 million during the first quarter of 2022 compared to the net profit of Dh 26.6 million during the same period last year.

Mohamed Thani Murshed Ghannam Alrumaithi, chairman of The Group, said: “The exceptional and continued growth in our net profit and revenue reflects the success of The Group in strengthening its geographic reach and its strategic diversification to new business verticals. We have underlined our credentials as one of the world’s fastest-growing EPC and marine dredging majors, and achieved strong profitability through the management’s focus on resource use optimisation and enhancing end-to-end operational efficiency. The Group’s success is a strong testament to our commitment to building a high-value organisation in the UAE that serves the world and adds to the vision of our leadership to strengthen domestic manufacturing and in-country value creation.”

The group’s focus on diversifying to new business verticals and growing its footprint to new geographies also resulted in a growth in revenue by 33 per cent to Dh1.5 billion, compared to the Q1 2021 revenue of Dh1.16 billion. The total assets of the group are now at Dh12.63 billion, a growth of 1.3 per cent over the total assets of Dh12.47 billion during the same period in 2021.

Yasser Zaghloul, Group CEO, added: “Following the record profits we achieved in 2021, we are continuing to build on our success, which is reflected in the strong financial performance during the first quarter of this year. We have demonstrated our resilience to the challenges following the pandemic and have emerged as a global EPC and marine dredging major, creating value across all our operations. Our strategic expansion to verticals such as civil and port development; downstream, onshore, renewable energy, energy transition as well as subsea and decommissioning, among others will continue to power our growth. We will continue to focus on streamlining our resources and empowering our talented team to deliver world-class projects.”

— business@khaleejtimes.com