National Marine Dredging Group achieves 30% growth in net profit during 2022
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National Marine Dredging Group achieves 30% growth in net profit during 2022

National Marine Dredging Group achieves 30% growth in net profit during 2022

The group’s total assets increased to Dhs16bn, an increase of 24 per cent compared with total assets at December 31, 2021

Divsha Bhat

National Marine Dredging Group (NMDC), one of the engineering, procurement, construction (EPC) and marine dredging groups, announced achieving a growth in its net profit by 30 per cent during 2022 to reach Dhs1.3bn, compared to net profit of Dhs1bn reported for the year 2021.

In addition, the group increased its revenues by 35 per cent to Dhs10.7bn by the end of 2022, up from Dhs7.9bn in the previous year.

The group’s total assets increased by 24 per cent and reached to Dhs16bn.

The group was also able to strengthen its position locally and regionally, with contracts worth more than Dhs9.6bn secured in the year 2022, and it expects to maintain its growth trajectory this year, in light of positive economic indicators.

Quarterly results
During the last quarter of 2022, the group’s net profits jumped by 20 per cent compared to the same period in 2021 to reach Dhs601m, while revenues increased by 84 per cent, to Dhs4.6bn.

“2022 witnessed exceptional and distinct revenue and net profit growth, as the group won unique and specialised contracts worth more than Dhs9.6bn, 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, said Mohammed Thani Murshid Ghannam Al-Rumaithi, chairman, NMDC Group.

“As we look to the future, we expect to maintain healthy growth levels, execute projects with the highest levels of efficiency and competence, actively participate in advancing economy-shaping infrastructure, and enhance our capabilities in supporting energy transition plans, especially with the UAE declaring 2023 the ‘Year of Sustainability’ and the country gearing up to host COP28.”

“During 2023, we will continue to increase the group’s contribution to the nation’s GDP in line with ‘Operation300bn’ to stimulate the UAE’s industrial sector, while also focusing on enhancing cost optimization, supply chain management, resource use efficiency, and increased productivity across all levels,” stated Yasser Zaghloul, CEO, NMDC Group.

“We currently have more than Dhs54bn worth of projects under execution, and we look forward to doubling this value, in line with the continuous enhancement of our world-class fleet and the adoption of the latest technology solutions the industry has to offer.

Moreover, the acquisition of NPCC and unifying our operations into one strong group has given us a competitive edge to leverage existing opportunities, win more contracts and grow our capacity and capabilities to execute larger and more complex projects,” added Zaghloul.

Meanwhile, NMDC had completed its business consolidation deal with NPCC in February 2021, to enhance project execution capabilities, including the entire value chain to support future expansion plans.

Read: National Marine Dredging Group selects Oracle cloud applications for business efficiency

Also read: National Bank of Kuwait reports $1.7bn in net profit for 2022

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