NMDC doubles first half net profit to AED881m

ABU DHABI / WAM

National Marine Dredging Group has announced a significant surge in its net profit during the first half of 2023, reaching AED 881 million. This remarkable achievement reflects the success of the group’s geographic expansion strategy and the successful execution of major projects.
The first half year results demonstrate record-breaking numbers and substantial growth in both revenue and net profit, with the group’s revenue reaching AED 6.765 billion, compared to AED 3.546 billion in the same period of the previous year, an increase of AED 3.219 billion. The numbers and achievements reflect strong performance and continuous progress in various major projects, such as the Northern Development Project, Hail and Ghasha in the UAE, in addition to long-term agreements with Aramco in the Kingdom of Saudi Arabia.
Furthermore, the group’s net profit reached AED 881 million in the first half of 2023, a 119% increase of AED 478 million compared to the net profit in the first half of 2022, which stood at AED 403 million, showcasing the growth of its operational efficiency. These positive results demonstrate the Group’s success in adhering to its strategy and achieving its financial goals while focusing on sustainable value creation for its shareholders.
Commenting on the results, Mohammed Thani Murshid Ghannam Al-Rumaithi, Chairman, NMDC Group, said, “These results reflect our Group’s competitive strength and ability to achieve growth in challenging times. The strong revenue growth embodies the value we deliver to our customers and their confidence in our successful execution of major projects.”
He affirmed that the Group’s success aligns with the pursuit of excellence in managing the economy of the UAE and Abu Dhabi, requiring boundless aspirations, scientific planning, determination for excellence and leadership, with development being a sustainable journey, and success necessitating further accomplishments.
He also added that the Group’s approach to work is derived from the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE, and the guidance of His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Council of the Emirate of Abu Dhabi, further stressing the importance of supporting national talent, embodying the spirit of the era, emphasizing teamwork, and achieving sustainable development.
He added: “The Group continues to expand its geographic diversity, with 79% of its revenue coming from the UAE and 21% from international markets, notably Saudi Arabia and Egypt. These results follow a number of major achievements, including the Group’s win of several new projects in the first half of the year.”
The Chairman further clarified, “We are committed to achieving exceptional success in all aspects of our work, and we are proud of the excellent results the Group has achieved in the first half of 2023, showcasing the strong performance that signifies the success of our strategy and the value we offer to our shareholders and stakeholders.”
He added, “What has been accomplished is a major achievement, but one that is expected, as it stems from a clear and ambitious strategy, innovative and constructive ideas, unyielding will, and planning that leaves no room for chance. We provide all the components for work and success and pay attention to all the details no matter how small.”
He noted that “with revenues reaching AED 6.765 billion, an increase of AED 3.219 billion dirhams over the same period of the previous year, we continue to strengthen our position as one of the leading companies in the marine dredging field. The record numbers we achieved in 2023 reflect our strong and increasing growth and indicate the robust performance of a number of major projects.”
The Chairman added, “We also have a variety of upcoming new projects, including the Al Hudayriyat Island PDA project, which includes dredging, grading, and improving the soil ground. These projects reflect the Group’s dedication to providing high-quality services, its excellence in providing value to customers, and the immense trust it has earned from its past work, successes, and daily experience, its sound bet on the future, and the ability of national cadres to develop, compete, succeed, and excel.”
Eng. Yasser Zaghloul, Group CEO, said that the achievements and profits are a natural product of the Group’s clear and well established policies, the ambitious goals it seeks to achieve, as well as the success factors for an integrated work system to mobilize all energies, support talent, attract competencies, and face challenges with a flexible, innovative mentality, firm will, and unconventional solutions.
He added: “The first half of 2023 was full of positive events, where we made significant progress in a number of major projects, in addition to winning new contracts. We also saw strong growth in revenue and net profits, reflecting the strength of our strategy and our excellence in execution, follow-up, and continuous evaluation of the achieved results.”
He added: “With the start of the second half of 2023, I would like to express my pride in the progress we have made so far. We are committed to providing innovative marine construction solutions and striving to meet our customers’ needs.”
The Group’s CEO affirmed that “the successes achieved in the first six months of the year enhance our Group’s position as one of the global leaders in the field of marine dredging. We are shaping the future of the marine construction industry in the world and are excited to start many new projects in the coming months.”
“We look forward to the future with confidence and hope, and we strive with all ambition to continue our successes and meet the needs and expectations of our partners. We realize that excellence requires more innovation, work, organizing, and planning, and -God willing- this is our right bet, and the pledge we are committed to fulfill, for more profits, development, and sustainable growth.” Eng. Zaghloul concluded.
The Group succeeded in investing AED290 million in ambitious projects during the period ending June 30, 2023, reflecting the company’s solid commitment to achieving sustainable value for shareholders, which primarily includes dry docking, upgrading current dredgers, and supporting equipment, in addition to a piece of land worth AED 40 million . It is worth noting that the company offers numerous strategic projects and ensures its commitment to the highest standards of quality, efficiency, and sustainability, and continues to focus on developing and implementing its projects safely and effectively, which guarantees achieving real value for all shareholders. A total of 109,626,864 shares have been allocated to the Group as a cornerstone investor in ADNOC Logistics & Services.