UAE’s NMDC records net profit of Dhs65.4m in Q1 2022

Leading engineering, procurement and construction (EPC) and marine dredging group, National Marine Dredging Company (NMDC), has reported a strong growth of 146 per cent in net profit to Dhs65.4m during Q1 2022 compared to the net profit of Dhs26.6m during the same period last year.

During the first quarter, the group forged ahead with its ambitious plans for geographic growth, securing unique and strategic projects, while focusing on business diversification, as well as mergers and acquisitions.

The group witnessed a growth in revenue of 33 per cent to Dhs1,552m, compared to the Q1 2021 revenue of Dhs1,168m. The group’s total assets stand at Dhs12.63bn, a growth of 1.3 per cent over the total assets of Dhs12.47bn during the same period in 2021.

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.”

Eng. Yasser Zaghloul, group CEO, added: “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.”

He added: “We continue to monitor the market situation closely, particularly in terms of exchange rate fluctuations, and we are looking to implement impactful strategies to address the fluctuating price of raw materials. In this, our strong fundamentals and flexible business model is our strength, enabling us to overcome challenges and mitigate their impact. We are also evaluating the economic trends in the markets in which we operate in, especially Egypt, and working relentlessly to strengthen our business model in line with the changes in the market dynamics. This commitment to be proactive and responsive to market trends underpins our strong financial results.”

NMDC’s strategy is being driven by a focus on cost optimisation, supply chain management, resource use efficiency, and increased productivity across all levels.

NMDC has a number of upcoming projects in Southeast Asia, South Asia and Europe.