Home » NMDC doubles net profits during 9 months of 2023 to AED1.513 billion

NMDC doubles net profits during 9 months of 2023 to AED1.513 billion

by Dubaiforum

ABU DHABI, 24th October, 2023 (WAM) — The National Marine Dredging Company (NMDC) announced its record growth rates in net profits during the third quarter of 2023, reaching AED1.513 billion for the first nine months.

This reflects the organisation’s leading position in the local, regional and global markets, as well as its strategic role in implementing major vital projects by enhancing its competitiveness and expanding its business both locally and globally.

NMDC’s financial results for the third quarter of 2023 show record growth rates in revenues and net profits. The company’s revenues for the first nine months stood at AED11.039 billion, compared to AED6.072 billion in 2022, an increase of AED4.967 billion.

This growth in revenues and net profits reflects the strong performance and continued progress in many of the major projects implemented by NMDC.

In addition, the Group’s net profits grew by 115% to AED1.513 billion in the first nine months of 2023, compared to AED703 million in 2022, an increase of AED810 million.

This reflects NMDC’s advanced operational ability to deliver projects with high efficiency and its success in and commitment to implementing ambitious strategies for achieving financial goals, focusing on enhancing sustainable profits and value for shareholders.

Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC, said, “During the third quarter of this year, the Group was able to achieve exceptional financial results, maintaining its growth momentum and commitment to achieving the highest standards of operational efficiency.”

He added, “The organisation is committed to building on the growth achieved in revenues and net profits and continuing geographical expansion in light of the revenues, of which 79% came from the UAE and 21% from the international market, mainly Saudi Arabia and Egypt. In the near future, we aim to strengthen our presence in the international market in line with our position as a global leader in marine dredging.”

Yasser Zaghloul, CEO of NMDC Group, said, “The continuous efforts to enhance revenues and net profits are among the key pillars of the Group. The growth in financial results comes as a result of implementing our ambitious strategies and goals, through which we aim to create a positive, sustainable, long-term impact, reflected in the operational outcomes of our project

The NMDC Group CEO added, “For Q4 2023, we are looking forward to a new chapter of achievements as we lead several new projects that will bolster our successes and support our goals towards realising more growth and progress. We will always earn the trust placed in us by keeping pace with the ongoing comprehensive and sustainable cultural renaissance in Abu Dhabi and the UAE overall.”

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