The National Marine Dredging Company (NMDC), one of the world’s leading organization in the fields of marine dredging, energy, and Engineering, Procurement and Construction (EPC), has announced that it has achieved record growth rates in net profits during the third quarter of 2023, reaching AED 1.513 billion ($412 million) for the first nine months.
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 stands at AED 11.039 billion, compared to AED 6.072 billion in the same period of 2022, an increase of AED 4.967 billion.
In addition, the Group’s net profits grew by 115 per cent to AED 1.513 billion in the first nine months of 2023, compared to AED 703 million in the same period of 2022, an increase of AED 810 million.
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. Its approach is based on the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and the guidance of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, and their support for national talent, in order to enhance comprehensive and sustainable development.”
Al Rumaithi added, “Our growth and expansion strategies focus on enhancing the value that we provide to shareholders and strategic partners. These record results and achievements, along with the many vital projects secured since the beginning of 2023, demonstrate our continued efforts to improve performance and provide high quality services, increasing the confidence of our customers and creating new opportunities for cooperation and partnership in project implementation.”
He added, “The organization 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 per cent came from the UAE and 21 per cent 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 the field of marine dredging.”
