Overseas project wins have come in handy for NMDC in its latest financials. Image Credit: Supplied

Dubai: New contract wins – including those outside of the UAE - pulled National Marine Dredging Company Group to a 56 per cent rise in revenues for 2023, to a impressive Dh16.7 billion. Net profits shot up even higher, by 65 per cent, to Dh2.15 billion.

All of which has helped the Abu Dhabi headquartered company to a 34 per cent increase in its cash reserves, amounting to Dh3.7 billion.

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"Our vision for the upcoming period is centered around amplifying our growth both in domestic and international markets,” said Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman. “We aim to expand our geographical reach and continuously enhance our financial standing.

“This approach is not just about sustaining growth; it's about exploring and capitalizing on new opportunities that promise to bring unparalleled benefits, the likes of which have never been seen before in the history of NMDC Group."

Group-wide assets reached Dh20.8 billion in 2023, up from Dh16 billion in 2022. The contracted project backlog rose 76 per cent to Dh54 billion.

Q4-23 pulls its weight

In the final 3 months of last year, NMDC’s revenues were at Dh5.7 billion, while net profit helped with Dh640 million.

"The impressive increase in both revenues and net profits serves as a strong motivator for us to continue forging ahead, constantly studying and adapting to market trends and evolving our operational processes,” said Yasser Zaghloul, CEO of NMDC Group.

“We have all the competitive elements necessary for further growth and expansion.”