Dubai: Abu Dhabi’s National Marine Dredging Company has become the latest UAE company to allow up to 49 per cent of equity to be owned by foreign buyers. It comes into effect today.
The company - which did not allow any foreign ownership earlier - sees this as resulting in increased trading of its shares, increased liquidity, and international flows for the stock, ‘raising its value in global trading indices such as FTSE Russell and MSCI. NMDC has been on a steady growth upturn, helped by a series of high-profile contracts, including those for its subsidiary NPCC (National Petroleum Construction Co.). NMDC wants to turn itself into one of the biggest names in the category in the region and beyond.
“The Group includes five of the largest integrated companies in the fields of engineering, Procurement and Construction in oil and gas and marine services in the Middle East and North Africa,” said Mohamed Thani Alrumaithi, Chairman. “The Group's strategic diversification will focus on building exceptional capabilities in the energy and marine business sectors during the next stage.”
NMDC announced a net profit growth of 146 per cent to Dh65.4 million during the first quarter of 2022, compared to the net profit of AED 26.6 million during the same period last year. Earlier, it had achieved record profits in 2021, with net profit of Dh1 billion.
The current contract volume exceeded Dh40 billion in eight regions.
The acquisitions the company seeks to make aim to reduce risks, open new markets, and increase shareholder returns
- By end 2021, the value of NMDC's assets had increased by 75 per cent to Dh12.9 billion, up from Dh7.3 billion.
- It has expanded its marine contracting operations through the expansion of projects for the construction and maintenance of ports, canals, and near-water structures, as well as the enhancement of its specialised marine services.