NMDC posts record-breaking numbers in the first half of 2023

National Marine Dredging Group (NMDC) has announced a significant surge in its net profit during the first half of 2023, reaching AED 881 million (near $240 million).

NMDC photo

The first half year results demonstrate record-breaking numbers and substantial growth in both revenue and net profit, with the Group’s revenue reaching AED 6.765 billion, compared to AED 3.546 billion in the same period of the previous year, an increase of AED 3.219 billion.

The numbers and achievements reflect strong performance and continuous progress in various major projects, such as the Northern Development Project, Hail and Ghasha in the United Arab Emirates, in addition to long-term agreements with Aramco in the Kingdom of Saudi Arabia.

Commenting on the results, Mohammed Thani Murshid Ghannam Al-Rumaithi, Chairman, NMDC Group, 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 succeeded in investing AED290 million in ambitious projects during the period ending June 30, 2023, reflecting the company’s solid commitment to achieving sustainable value for shareholders, which primarily includes dry docking, upgrading current dredgers and supporting equipment, in addition to a piece of land worth AED 40 million.

It is worth noting that the company offers numerous strategic projects and ensures its commitment to the highest standards of quality, efficiency, and sustainability, and continues to focus on developing and implementing its projects safely and effectively, which guarantees achieving real value for all shareholders.

A total of 109,626,864 shares have been allocated to the Group as a cornerstone investor in ADNOC Logistics & Services.