Image Credit: NMDC

Abu Dhabi: The National Marine Dredging Company (NMDC) has announced its financial results for the first quarter of 2024, reporting a 67 per cent growth in revenues and a 112 per cent surge in net profits compared to the same period last year.

Revenues soared to Dh5.342 billion, up 67 per cent from Dh3.208 billion in Q1 2023, marking an increase of Dh2.134 billion.

Net profits also saw a substantial rise, with a 112 per cent increase from Dh303 million in Q1 2023 to Dh641 million, doubling the Group's profits from the previous year.

The Group's asset value also increased by 10 per cent, reaching Dh22.959 billion in Q1 2024, up from Dh20.847 billion the previous year, an increase of Dh2.112 billion.

In 2024, NMDC Group has been awarded contracts worth Dh3.3 billion.

Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of the Board of Directors of NMDC Group, said: "At NMDC Group, we are committed to enhancing the sustainable impact on our financial outcomes. By leveraging our innovative services and solutions, we aim to foster growth and expansion both locally and internationally."

Eng. Yasser Zaghloul, CEO of NMDC Group, stated, "NMDC Group is uniquely positioned to address the demands of both local and global markets, thanks to our extensive capabilities and integrated operational solutions. Our approach ensures seamless coordination across all facets of the company, boosting both our operational efficiency and financial outcomes."