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NMDC Group Announces Financial Results for FY2023, Reporting Record Growth in Revenues and Net Profits

12 Feb 2024
  • FY2023 revenues stood at AED 16.7 billion, a 56% surge compared to 2022.
  • FY2023 net profits stood at AED 2.15 billion, a 65% increase compared to 2022.

Abu Dhabi, UAE: 12 February 2024 –  National Marine Dredging Company Group (NMDC Group), a global leader in engineering, procurement, construction, and marine dredging (Abu Dhabi Securities Exchange: NMDC), announced its financial results for the full year 2023 (FY2023), reporting record growth in revenues and net profits compared to the previous year. This success is attributed to NMDC’s focused approach to implementing policies and strategies aimed at growth, expansion, and integrating sustainability into every aspect of its operations.

In FY2023, NMDC recorded an impressive revenue of AED 16.7 billion, a 56% surge from the previous year’s AED 10.7 billion. Reflecting this growth, net profits surged to AED 2.15 billion, a 65% increase from AED 1.3 billion in 2022. The company's financial health was further indicated by a rise in gross profit to AED 2.16 billion, nearly double the previous year, showcasing the company’s improved operational efficiency.

The Group's assets reached a value of AED 20.8 billion in 2023, up from AED 16.0 billion in 2022. The project backlog demonstrated significant growth, with a 76% increase to AED 54 billion, indicating a strong pipeline of future projects.

NMDC’s financial flexibility strengthened, as shown by a 34% increase in cash reserves, amounting to AED 3.7 billion. Earnings per share also reflected positive momentum, with a 65% increase to AED 2.61, signifying a strong commitment to delivering shareholder value. The gross profit percentage to revenue rose to 13%, a 3-point increase from the previous year, signaling improved efficiency and cost management.

These figures highlight NMDC’s comprehensive plans for development and the expansion of its operations into new areas, further strengthening its position as a top provider in engineering, supply, construction, and dredging services.

His Excellency Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group's Board of Directors, said: "This year's exceptional financial performance, marked by a remarkable increase in both revenues and net profits, is not just a testament to our financial success but also reflects our commitment to strategic goals and momentum in growth. Our commitment to providing high-quality services has solidified our global presence in executing strategic projects, contributing significantly to economic development worldwide.”

“This success aligns perfectly with the vision of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and is further enhanced by the steadfast support of His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Council. Their invaluable guidance is a key driver in elevating NMDC Group to new heights of business excellence and in enabling us to add significant value to our partners."

He further elaborated on the future direction of the Group, stating, "Our vision for the upcoming period is centered around amplifying our growth both in domestic and international markets. We aim to expand our geographical reach and continuously enhance our financial standing, thereby delivering substantial value to our shareholders and partners. This approach is not just about sustaining growth; it's about exploring and capitalizing on new opportunities that promise to bring unparalleled benefits, the likes of which have never been seen before in the history of NMDC Group."

Engineer Yasser Zaghloul, CEO of NMDC Group, said: "At NMDC Group, our unwavering commitment to enhancing our financial outcomes is rooted in the strategic use of our resources and potential, ensuring that every asset contributes to our growth and expansion on both local and global scales. The significant growth in our financial results affirms our forward-thinking vision and dedication to elevating the standards in our core areas: engineering, supply, construction, and marine dredging. Our ambition to be a globally competitive leader drives us to capture opportunities that align with our goals.”

"The impressive increase in both revenues and net profits serves as a strong motivator for us to continue forging ahead, constantly studying and adapting to market trends and evolving our operational processes. This is pivotal for executing major projects with the highest standards of quality, efficiency, and sustainability. At NMDC Group, we have all the competitive elements necessary for further growth and expansion, with our primary strategic objective being the ongoing development of our performance to maintain our trajectory of excellence and innovation," he added.

In Q4 2023 alone, NMDC reported revenues of AED 5.7 billion and a net profit of AED 0.64 billion, underscoring the Group’s continuous upward trend. The Group remains dedicated to executing strategic projects marked by excellence in quality, efficiency, sustainability, and safety, ensuring substantial value creation for shareholders and strategic partners across all levels.

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NMDC Group is committed to maintaining highest standards of ethics, honesty, openness and accountability. It recognizes that all of its employees as well as customers, suppliers and other market participants have an important role to play in achieving these goals.

If you are aware of any potentially illegal, unethical, or improper conduct taken or suspected by a NMDC Group company, employee, affiliate, customer, and/or supplier, please report it to the Ethics & Compliance Office via the Whistleblowing Helpline as detailed below.

Whistleblowing Helpline

Email: ethics@nmdc-group.com

Call: +971 (2) 5511475

The concern or complaint should contain sufficient information to permit adequate investigation. At a minimum, the following information should be provided, as applicable:

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