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ABU DHABI / WAM
National Marine Dredging Company Group (NMDC Group) announced its financial results for the full year 2023 (FY2023), reporting record growth in revenues and net profits compared to the previous year. This success is attributed to NMDC’s focused approach to implementing policies and strategies aimed at growth, expansion, and integrating sustainability into every aspect of its operations.
In FY2023, NMDC recorded an impressive revenue of AED16.7 billion, a 56 percent surge from the previous year’s AED10.7 billion. Reflecting this growth, net profits surged to AED2.15 billion, a 65 percent increase from AED1.3 billion in 2022. The company’s financial health was further indicated by a rise in gross profit to AED2.16 billion, nearly double the previous year, showcasing the company’s improved operational efficiency. The group’s assets reached a value of AED20.8 billion in 2023, up from AED16.0 billion in 2022. The project backlog demonstrated significant growth, with a 76 percent increase to AED54 billion, indicating a strong pipeline of future projects.
NMDC’s financial flexibility strengthened, as shown by a 34 percent increase in cash reserves, amounting to AED3.7 billion. Earnings per share also reflected positive momentum, with a 65 percent increase to AED2.61, signifying a strong commitment to delivering shareholder value. The gross profit percentage to revenue rose to 13 percent, a 3-point increase from the previous year, signalling improved efficiency and cost management. These figures highlight NMDC’s comprehensive plans for development and the expansion of its operations into new areas, further strengthening its position as a top provider in engineering, supply, construction, and dredging services. Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group’s Board of Directors, said, “This year’s exceptional financial performance, marked by a remarkable increase in both revenues and net profits, is not just a testament to our financial success but also reflects our commitment to strategic goals and momentum in growth. Our commitment to providing high-quality services has solidified our global presence in executing strategic projects, contributing significantly to economic development worldwide.” In Q4 2023 alone, NMDC reported revenues of AED5.7 billion and a net profit of AED0.64 billion, underscoring the group’s continuous upward trend. The group remains dedicated to executing strategic projects marked by excellence in quality, efficiency, sustainability, and safety, ensuring substantial value creation for shareholders and strategic partners across all levels.
Engineer Yasser Zaghloul, CEO of NMDC Group, said, “At NMDC Group, our unwavering commitment to enhancing our financial outcomes is rooted in the strategic use of our resources and potential, ensuring that every asset contributes to our growth and expansion on both local and global scales. The significant growth in our financial results affirms our forward-thinking vision and dedication to elevating the standards in our core areas: engineering, supply, construction, and marine dredging. Our ambition to be a globally competitive leader drives us to capture opportunities that align with our goals.”