Dubai: Abu Dhabi’s National Marine Dredging Company Group scored a 74.4 per cent increase in first-half net profit of Dh403 million against Dh231 million a year ago. The increase for the EPC company was mainly driven by overseas projects – including those delivered by subsidiary NPCC – and entry into new business verticals.
This week, NPCC launched a new joint venture with a French entity and has also bagged contracts in the Far East. NMDC Group revenues are up 8.5 per cent to D3.546 billion compared to Dh3.26 billion in the first-half of 2021. Total assets are at Dh13.32 billion, a growth of 3 per cent.
“Significant progress made in major strategic projects such as the Hail and Ghasha field works with ADNOC, long-term agreements with Saudi Aramco, and the Etihad Rail project,” said a statement. “NMDC’s ambitious expansion plans and strong global position have also increased the percentage of revenues generated from projects outside the country to 42 per cent of total.”
During the period, there was also the launch of Safeen Surveys and Subsea Services in partnership with AD Ports Group.
"We are excited to continue our expansion strategy and enter new areas and markets, and that is why we are investing in enhancing the capabilities of our advanced marine fleet," said Yasser Zaghloul, Group CEO. "The establishment of Safeen company is also a great example of our ongoing pursuit of partnerships that achieve business diversification and support our growth plans."
NMDC is into:
- Dredging and marine civil, covering dredging fleet, civil and port development.
- Energy, covering downstream, onshore, renewable energy, energy transition and maintenance and turnaround, in addition to shared initiatives such as survey & subsea and decommissioning and heavy lift.
