Thursday, February 2, 2023 – 9:30 am
ABU DHABI, 2 February / WAM / The National Marine Dredging Group achieved a growth in its net profits by 30% during the year 2022, to reach 1.3 billion dirhams, compared to its net profits of one billion dirhams during the year 2021, which reflects the success of the geographical expansion strategy and expansion of the group’s business. and complete more projects.
The group also achieved a growth in its revenues by 35%, to reach 10.7 billion dirhams by the end of 2022, compared to revenues of 7.9 billion dirhams during 2021. The total assets of the group jumped to exceed 16 billion dirhams, an increase of 24% compared to 2021.
The group was able to strengthen its position locally and regionally, with contracts worth more than 9.6 billion dirhams won during the past year, while it continues its growth path during 2023 amid positive indicators of business growth.
During the year 2022, the group succeeded in achieving many achievements, including winning a contract worth 3.47 billion dirhams, which includes engineering, construction, supply, installation and operation for the project for the sustainable development of the strategic “Umm Al Shaif” field for the benefit of ADNOC, in addition to winning contracts from Saudi Aramco worth 2.471 billion. Dirhams include the Al-Jafurah development program and the “Munif-14” project, at a value of 1.6 billion dirhams and 782 million dirhams, respectively.
The group also won a contract worth 2 billion dirhams to build a new main gas line in the “Lower Zakum” field for ADNOC, in addition to winning a contract worth 1 million dirhams for dredging work in the Suez Canal in the Arab Republic of Egypt, as well as winning a contract from the Taiwanese Yaning Wind Energy Company for the installation of columns. The unilateral structure of wind turbines in the Yanlin offshore wind field at a value of 364 million dirhams, in addition to winning a dredging and reclamation contract worth 256 million dirhams from Ansab Contracting Company, one of the specialized Saudi companies responsible for implementing a number of infrastructure projects and pioneering modern road networks in the Kingdom.
It also won a contract worth 79 million dirhams for the dredging works project at the entrance to the navigational canal and the quay wall trench in the port of Safaga in the Arab Republic of Egypt. In January 2023, the National Petroleum Construction Company (NPCC), affiliated to the National Marine Dredging Group, received a letter of award from ADNOC. Pre-Construction Services Agreement (PCSA) related to offshore facilities for the Hail and Ghasha gas development project worth AED 220 million, in addition to laying the foundation stone for a new 400,000 square meter manufacturing yard at Ras Al Khair Port in the Eastern Province of the Kingdom of Saudi Arabia.
During the last quarter of 2022, the group achieved outstanding results, as net profits jumped 20% compared to the same period in 2021, to reach 601 million dirhams, while revenues increased by 84%, to 4.6 billion dirhams.
His Excellency Mohammed Thani Murshid Ghannam Al-Rumaithi, Chairman of the Board of Directors of the Group, said: “The year 2022 witnessed exceptional and distinct growth rates for our revenues and net profits, as the group won unique and qualitative contracts and projects worth more than 9.6 billion dirhams, which reflects the success of our plans to achieve geographical expansion, diversify business fields and increase The group’s market share inside and outside the UAE.Looking forward to 2023, we look forward to continuing to achieve healthy levels of growth, complete projects with the highest levels of efficiency and proficiency, actively participate in the infrastructure of economies, and enhance our capabilities in supporting transformation plans in the field of energy and renewable energy, especially with the announcement of the state UAE 2023 is the year of sustainability, and the country’s readiness to host the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28).
For his part, Eng. Yasser Zaghloul, CEO of the National Marine Dredging Company Group, said: “At the beginning of the year, the group drew up a clear and ambitious plan to achieve further growth and the best desired investment returns, and to consolidate its leadership position in the field of engineering, procurement, construction and marine dredging works. This success establishes the extent of The confidence of our strategic partners in our ability to implement a wide range of specialized and complex projects in line with the long-term strategic plans for the economies of the UAE and the countries we operate in. During 2023, we will continue to raise the group’s contribution to the country’s GDP in line with a project with “Operation 300bn” To stimulate the industrial sector, in addition to focusing on enhancing operational efficiency, improving cost management, supply chain management, and increasing productivity at all levels.”
He added: “We are currently working on implementing projects worth more than 54 billion dirhams, and we look forward to doubling their value, especially in light of our increasing capacity and our ability to complete larger and more complex projects, with the continuous development of our marine fleet and the adoption of the latest technological solutions. The acquisition of the National Petroleum Construction Company Consolidating our businesses into a strong group has given us an edge over competition for available opportunities, winning more contracts, achieving greater operational efficiencies and improving project execution capabilities.”
The National Marine Dredging Company had completed its business consolidation deal with the National Petroleum Construction Company in February 2021, to enhance project execution capabilities, including the entire value chain to support future expansion plans.
It should be noted that the group expects a number of upcoming projects in Southeast Asia and South Asia, which highlights the sector’s confidence in its competencies.
The group has developed exceptional engineering, procurement and construction capabilities in the energy sector, for onshore and offshore construction and maintenance of oil and gas facilities. It has expanded its operations in the field of marine contracting through massive expansion in construction and maintenance projects of ports, water canals and near-water structures.
The group is also working to enhance its specialized marine services through marine logistics services and operations, in addition to conducting construction and maintenance conditions tests.
Dina Omar / Ahmed Al Nuaimi
