NPCC profit soars 27% to Dh891m on back of higher revenue

Abu Dhabi: The National Petroleum Construction Company (NPCC) on Monday reported strong financial results in 2018, with both operating profit and revenue rising by 27 per cent and 7 per cent, respectively, the firm’s chairman said.

“NPCC has had an excellent year in a highly competitive market and has increased its revenue by 7 per cent, from Dh4.9 billion [in 2017] to Dh5.3 billion [in 2018],” said Dr Mohammad Rashed Al Hameli, NPCC chairman, in a statement.

He also added, “NPCC’s excellent project management has led to [a] 27 per cent increase in operating profit, from Dh700 million [2017] to Dh891 million [2018]. These financial results are a reflection of the company’s efforts to optimise all operations and maximise its commercial outreach.”

Abu Dhabi-based NPCC, which serves the oil and gas industry, is a subsidiary of Senaat and has operations in the Arabian Gulf, south Asia and south-east Asia.

To date, it has executed over 1,190 engineering, procurement and construction (EPC) projects, laid over 6,199km of pipelines and 1,374km of subsea cables, as well as building and installing over 1,360 structures.

“NPCC is a regional leader among EPC companies. We are proud to have the largest offshore fleet comprising of 22 vessels, and the largest fabrication yard which extends over 1.3 million square meters and offers manufacturing capacity estimated with 19.2 million man hours,” CEO Ahmad Al Daheri said.

He also said the company is committed to the development of local talent and increasing the number of UAE nationals within the company.

Currently, 40 per cent of the company’s senior management positions is made up of Emiratis and there are plans to increase their numbers from 300 to 430 by 2021.

NPCC is part of an offshore long-term agreement (LTA) with Saudi Aramco, signed in 2016, and so far has won 10 projects worth Dh7.3 billion.