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The UAE-based National Marine Dredging Company Group ( NMDC Group ) yesterday announced its financial results for the full year 2023, reporting record growth in revenues and net profits compared to the previous year.
In FY2023, NMDC recorded a revenue of AED 16.7 billion, a 56% surge from the previous year’s AED 10.7 billion.
Reflecting this growth, net profits surged to AED 2.15 billion, a 65% increase from AED 1.3 billion in 2022.
The company’s financial health was further indicated by a rise in gross profit to AED 2.16 billion, nearly double the previous year, showcasing the company’s improved operational efficiency.
The Group’s assets reached a value of AED 20.8 billion in 2023, up from AED 16.0 billion in 2022.
Also, the project backlog demonstrated significant growth, with a 76% increase to AED 54 billion, indicating a strong pipeline of future projects.
Commenting the results, Engineer Yasser Zaghloul, CEO of NMDC Group, said: “At NMDC Group, our unwavering commitment to enhancing our financial outcomes is rooted in the strategic use of our resources and potential, ensuring that every asset contributes to our growth and expansion on both local and global scales.”
“ The significant growth in our financial results affirms our forward-thinking vision and dedication to elevating the standards in our core areas: engineering, supply, construction, and marine dredging.”
In Q4 2023 alone, NMDC reported revenues of AED 5.7 billion and a net profit of AED 0.64 billion, underscoring the Group’s continuous upward trend.