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National Marine Dredging net profit up, revenue hits $1.4bn

ABU DHABI, October 19, 2021

National Marine Dredging Company (NMDC) has reported a significant increase in its net profit for the first nine months of the year which surged to hit AED501 million ($137 million).
 
The profitable third quarter performance followed the integration of NMDC and National Petroleum Construction Company (NPCC) to become a regional leader in providing integrated oil and gas and marine EPC services.
 
Announcing the results for the nine-month period ended September 31, NMDC said its revenue surged to hit AED5.380 billion, growing two-fold from last year's figures of AED2.786 billion.
 
Underlining the strong recovery following the pandemic, the profitable financial performance was backed by strong new business wins. 
 
NMDC clinched the AED485-million Dadna Fujairah Project in addition to the AED150-million Bardawil project and AED290-million Damietta project in Egypt.
 
The group continued to achieve new milestones in its ongoing projects such as Hail and Ghasha for Adnoc in the UAE and long-term agreements for various projects in the Kingdom of Saudi Arabia.
 
In the third quarter of 2021, NPCC was selected as one of the eight companies to be awarded the opportunity to provide engineering services for key projects for Adnoc which are valued at approximately AED3.67 billion. Adnoc will advise on the specifics of these projects in due course.
 
Group CEO Yasser Zaghloul said: "Our robust financial performance for the third quarter – and the nine months of 2021 – highlight the success of our strategic initiatives to overcome the challenges of the pandemic and to build a strong integrated organisation that adds value to our partners, customers and all stakeholders."
 
"We focused on cost optimisation as well as resource use efficiency and won impressive new projects that further set the platform for sustainable growth in the coming period. We have a strong business model that will continue to steer our growth," he added.
 
NMDC said its combination with NPCC creates one of the leading entities in the industry, with an established footprint across Mena and South Asia.
 
The businesses are complementary, and the transaction provides significant revenue diversification for the combined group.
 
By creating a single platform, the combined group is ideally positioned to capture growth opportunities in the UAE and in key regional markets, with strong capabilities across the value chain to support future expansion plans, it added.-TradeArabia News Service

 




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