Wednesday, April 20, 2022 – 6:19 pm
ABU DHABI, 20th April, 2020 (WAM) — The National Marine Dredging Company – the world’s leading group in the field of marine engineering, procurement, construction and dredging, listed on the Abu Dhabi Securities Exchange under the symbol: NMDC.. achieved a strong growth in its net profit by 146% during the first quarter of the year. In 2022, to reach 65.4 million dirhams, compared to a net profit of 26.6 million dirhams during the same period in the previous year, which reflects the success of the geographical expansion strategy and the expansion of the group’s business.
The group also achieved a growth in its revenues by 33% to reach 1,552 million dirhams, compared to the revenues of the first quarter 2021, which amounted to 1,168 million dirhams, and the total assets of the group rose to 12.63 billion dirhams, an increase of 1.3% over its total assets of 12.47 billion dirhams during the same period from the previous year.
His Excellency Mohamed Thani Murshid Ghannam Al Rumaithi, Chairman of the Group’s Board of Directors, said: “The exceptional and continuous growth of our revenues and net profits reflects the group’s success in enhancing its geographical scope and strategic expansion to include new business areas, as the group has succeeded in establishing its position among the fastest growing groups in the world in the field of engineering, procurement and construction. The strong earnings came as a result of the management’s focus on enhancing operational efficiency at all levels.”
He added, “Our financial performance reflects our commitment to developing a global group that supports the vision of our wise leadership aimed at strengthening the national industry, advancing its global competitiveness, and achieving comprehensive and sustainable economic development in the UAE.”
For his part, Eng. Yasser Zagloul, CEO of the National Marine Dredging Company Group, said, “After the record profits achieved by the group last year, we are currently working on consolidating our success, which is reflected in our strong financial performance during the first quarter of this year, and we have emerged as a global leader in the field of engineering and supply.” construction and offshore dredging, adding more value to all of our operations.We will continue to grow through strategic expansion in areas such as port development, civil projects, refining and petrochemicals, onshore operations, renewable energy, as well as deep-sea operations, etc. We will continue to focus on rationalizing consuming resources and enabling our distinguished team to implement world-class projects.”
During the first quarter of 2022, the group continued to implement its ambitious plans to achieve geographic expansion, win unique and strategic projects, diversify business fields, as well as mergers and acquisitions that enhanced levels of profitability and return on investment. The Group’s strategy focuses on enhancing operational efficiency, improving cost management, supply chain management, and increasing productivity at all levels.
The group is looking forward to acquiring a number of prospective projects in Southeast Asia, South Asia and Europe, which highlights the sector’s confidence in its competencies.. The group’s operations are also consistent with the highest standards of health, safety and environment; As it seeks to enhance its capabilities to support transformation plans in the field of energy and renewable energy, especially with the UAE’s preparations to host the Conference of the Parties to the United Nations Framework Convention on Climate Change “COP28” in 2023, in Abu Dhabi.
Wam/ Bassam Abdel Samie/ Abdel Nasser Moneim
