[ad_1]
ABU DHABI, 28th April, 2023 (WAM) — National Marine Dredging Group (ADX: NMDC) has announced a record net profit growth of 366% to AED303 million in the first quarter of 2023, while net Profit was AED 65 million compared to the same period last year.
The Group continues to deliver record profits as a result of a successful expansion strategy, which strengthens its local and regional presence and wins new business by instilling client confidence in its ability to execute a wide range of projects to the highest standards. , especially in the UAE, to complete and deliver other operations.
The profits doubled revenue to AED3.2 billion in the first quarter ended March 31, compared with AED1.55 billion in the first quarter of 2022, a 106 percent increase. This is yet another testament to NMDC Group’s success in strengthening its financial performance by improving operational efficiency, executing various specialized and complex projects, and investing in its world-class fleet and capital assets.
This follows the group’s record net profit totaling AED1.3 billion in 2022, compared to AED1 billion in 2021.
NMDC Group has won contracts worth more than AED3 billion in the first quarter of 2023, most notably Al Hudayriyat Island PDA for dredging, leveling and filling and ground improvement works for Modon Properties, in addition to pre-preparation In addition, with a total value of AED 2.95 billion – Construction Services Agreement (PCSA) in relation to offshore facilities of ADNOC’s Hail and Ghasha gas development projects, with a total value of approximately AED 220 million.
Commenting on the results, Mohammed Thani Murshid Ghannam Al-Rumaithi, NMDC Group Chairman, said: “We achieved significant growth in revenue and profitability in the first quarter and this success is attributable to our strong belief in our capabilities and strong determination Advance our expansion strategy to meet the needs of our customers and give them growing confidence in our capabilities. Going forward, we will remain committed to reaching new heights by maintaining an upward trajectory and aggressively pursuing new projects, with a focus on improving operational efficiency and profitability.”
project. Yasser Zaghloul, CEO of NMDC Group, said: “We are delighted to announce that our financial results for the first quarter were exceptional, demonstrating the success of our strategic initiatives and the resilience of our business model. We are committed to winning new We will continue to grow through strategic projects, expanding our business into new markets, leveraging our cutting-edge technologies and capabilities, and optimizing our operations to improve efficiency and profitability.”
He added: “As we continue to invest in our people, processes and systems, we are confident in our ability to drive innovation, drive efficiencies and deliver superior value to our customers, shareholders and employees. We are committed to implementing our strategic focus and continue to achieve long-term sustainable growth, further strengthening our leading position in the engineering, procurement, construction and marine dredging industries.”
The NMDC Group has several upcoming projects in Southeast Asia and South Asia, underscoring the industry’s and client’s confidence in the Group’s capabilities.
[ad_2]
Source link