Dubai: Abu Dhabi’s National Marine Dredging Co. (NMDC) has anchored its first quarter numbers with a 146 per cent growth in net profit Dh65.4 million. Expansion into new geographies and a diversification push helped with a 33 per cent growth in revenue to Dh1.55 billion.
“We have underlined our credentials as one of the world’s fastest-growing EPC and marine dredging majors,” said Mohamed Thani Murshed Ghannam Alrumaithi, Chairman. “And achieved strong profitability through the management’s focus on resource use optimization and enhancing end-to-end operational efficiency.”
During the first quarter of 2022, NMDC won ‘unique and strategic projects’, while focusing on business diversification and on mergers and acquisitions. This helped with the profitability. (One of its entities, NPCC, has just won a landmark Carbon Capture and Storage contract in Malaysia, its first in Southeast Asia.)
Recent expansion for NMDC included verticals such as civil and port development and downstream, onshore, renewable energy, energy transition as well as subsea and decommissioning. “We continue to monitor the market situation closely, particularly in terms of exchange rate fluctuations,” said Yasser Zaghloul, Group CEO. “We are looking to implement impactful strategies to address the fluctuating price of raw materials.
“In this, our strong fundamentals and flexible business model is our strength, enabling us to overcome challenges and mitigate their impact. We are also evaluating the economic trends in the markets in which we operate, especially Egypt, and working relentlessly to strengthen our business model in line with the changes in the market dynamics.”