UAE-based National Marine Dredging Group (NMDC Group) has announced a significant surge in its net profit for the first half of 2023, which rose to AED881 million ($240 million) from the previous year's figure of AED403 million ($109.7 million), while its revenue grew nearly two-fold to AED 6.7 billion ($1.8 billion).
A leading engineering, procurement and construction and marine dredging group, NMDC said its numbers and achievements reflect strong performance and continuous progress in various major projects, such as the Northern Development Project, Hail and Ghasha in UAE, in addition to long-term agreements with Aramco in the Kingdom of Saudi Arabia.
This remarkable achievement reflects the success of the group’s geographic expansion strategy and the successful execution of major projects, it added.
Commenting on the results, Chairman Mohammed Thani Murshid Ghannam Al Rumaithi 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."
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 noted.
"NMDC 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," stated Al Rumaithi.
"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.
Group CEO Engineer Yasser Zaghloul said that the achievements and profits are a natural product of its 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.
"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," he noted.
"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.-TradeArabia News Service
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