National Marine Dredging Company (NMDC), one of the world’s leading engineering, procurement, construction (EPC) and marine dredging groups, has recorded a robust growth of 146 per cent in its net profit which rose to AED65.4 million for Q1 compared to AED 26.6 million last year, thus highlighting its resilience, impressive growth and successful expansion.
Announcing the financial results for the three-month period ended March 31, 2022, NMDC said the group’s focus on diversifying to new business verticals and growing its footprint to new geographies also resulted in a growth in revenue by 33% hitting AED1.6 billion, compared to AED1.2 billion.
The total assets of the group now stand at AED12.63 billion, up 1.3% over last year's figure of AED12.47 billion.
On the solid perormance, Group Chairman Mohamed Thani Murshed Ghannam Alrumaithi said: "The exceptional and continued growth in our net profit and revenue reflects the success of the group in strengthening its geographic reach and its strategic diversification to new business verticals. We have underlined our credentials as one of the world’s fastest-growing EPC and marine dredging majors, and achieved strong profitability through the management’s focus on resource use optimization and enhancing end-to-end operational efficiency."
"The group’s success is a strong testament to our commitment to building a high-value organization in the UAE that serves the world and adds to the vision of our leadership to strengthen domestic manufacturing and in-country value creation," he stated.
Group CEO Engineer Yasser Zaghloul said: "Following the record profits we achieved in 2021, we are continuing to build on our success, which is reflected in the strong financial performance during the first quarter of this year. We have demonstrated our resilience to the challenges following the pandemic and have emerged as a global EPC and marine dredging major, creating value across all our operations."
"Our strategic expansion to verticals such as civil and port development; downstream, onshore, renewable energy, energy transition as well as subsea and decommissioning, among others will continue to power our growth. We will continue to focus on streamlining our resources and empowering our talented team to deliver world-class projects," he stated.
Zaghloul said: "We continue to monitor the market situation closely, particularly in terms of exchange rate fluctuations, and we are looking to implement impactful strategies to address the fluctuating price of raw materials. In this, our strong fundamentals and flexible business model is our strength, enabling us to overcome challenges and mitigate their impact."
"We are also evaluating the economic trends in the markets in which we operate in, especially Egypt, and working relentlessly to strengthen our business model in line with the changes in the market dynamics. This commitment to be proactive and responsive to market trends underpins our strong financial results," he stated.-TradeArabia News Service