Stock - NMDC
National Marine Dredging Co's numbers have swelled as more project wins take place outside of its UAE home market. Image Credit: Supplied

Dubai: Another UAE company has turned in record numbers for 2021, with Abu Dhabi’s National Marine Dredging Company’s net profit just topping the Dh1 billion mark against Dh106 million a year ago. What will be even more encouraging for the company – one of the region’s biggest names in engineering, procurement and construction – has contracts valued at Dh40 billion on its books.

NMDC, which will not be using any dividends for 2021, saw total assets increase 75 per cent to Dh12.9 billion while revenues grew 78 per cent to Dh7.9 billion. “We have demonstrated exceptional resilience to the challenging market environment, and we will continue to work to achieve our ambitious expansion plans regionally and internationally,” said Yasser Zaghloul, Group CEO. “We aim to deliver end-to-end EPC services, onshore and offshore, through a balanced organic and acquisitive development of new capabilities in downstream, renewable and subsea, among others.

“We are also partnering with established global players in hydrogen and carbon capture. The business diversification and geographic expansion will add exceptional value to our stakeholders.”

Project fuelled

Having completed the acquisition of energy industry focussed NPCC (National Petroleum Construction Co.) last year, NMDC picked up some impressive project wins last year, both in the UAE and outside.

These include the Dh1.355 billion contract from Abu Dhabi Ports for the design, construction, and engineering of the Shamal Development marine works at Khalifa Port. NMDC was also awarded a Dh290 million contract for the deepening of the sea lane at Damietta Port in Egypt.

NPCC does its part

There was also a contract for NPCC valued at Dh1,89 billion to cover EPC services for four offshore wellhead towers, pipelines and umbilicals in Hair Dalma, Satah, and Bu Haseer fields. NPCC also won a Dh2.73 billion contract from Yasat Petroleum Operations, an ADNOC subsidiary, for the full-field development of the Belbazem Offshore Block.

Towards the end of last year, NPCC was awarded a Dh8.2 billion contract by Saudi Aramco for works related to the Zulf marine field in the Kingdom.

In a “record time of just one year”, the Group has made the transition to be a full-scale “specialist global marine and energy EPC company”. The strategic areas of operation include dredging and marine civil and energy, in addition to shared initiatives such as survey and subsea and decommissioning and heavy lift.

According to Mohamed Thani Murshed Ghannam Alrumaithi, the Chairman, said: “We have steadily enhanced our international footprint and the Group is today regarded as one of the leaders in our sector. We are driven by our strategy to grow returns through access to new markets and segments, and by generating new revenue streams. We will realise the full synergies that the Group has gained through the acquisition of NPCC, and deliver the highest standards of project management.”