UAE’s NMDC achieves net profit of Dhs403m in H1 2022

The group’s total assets currently stand at Dhs13.32bn up by 3 per cent compared to the first half of 2021

National Marine Dredging Company Group has reported net profit growth of 74.4 per cent, reaching Dhs403m in H1 2022, compared to its net profit of Dhs231m during the same period in 2021. The group’s revenue increased by 8.5 per cent to Dhs3.546m compared to its revenue of Dhs 3.269m in the first half of 2021. The total assets of the group are now at Dhs13.32bn, a growth of 3 per cent over the total assets in 2021 at Dhs12.92bn.

The group’s business continued to grow and expand during the first half of 2022, with significant progress made in major strategic projects such as the Hail and Ghasha field works with the Abu Dhabi National Oil Company, long-term agreements with Saudi Aramco, and the Etihad Rail project.

NMDC’s ambitious expansion plans have also increased the percentage of revenues generated from projects outside the country to 42 percent of total revenues in the first half of 2022. Mohamed Thani Murshed Ghannam Alrumaithi, NMDC’s chairman, said: “We were able to maintain our outstanding results and growth rates in profits and revenues, which indicates the success of our strategic expansion, whether in terms of new business areas or geographical footprint, as well as efficient performance in implementing strategic projects in the UAE, Saudi Arabia, and Egypt, as part of our rapidly expanding diversified portfolio.”

Engineer Yasser Zaghloul, group CEO, added: “We are eager to achieve strong and positive levels of growth and complete projects with the utmost efficiency and perfection, in order to solidify the group’s leading position in engineering, procurement and construction, and marine dredging.

“We are excited to continue our expansion strategy and enter new areas and markets, and that is why we are investing in enhancing the capabilities of our advanced marine fleet. The establishment of Safeen company is also a great example of our ongoing pursuit of partnerships that achieve business diversification and support our growth plans.”