National Marine Dredging Company records net profit of AED65.4 million in Q1

ABU DHABI, National Marine Dredging Company has reported a significant growth of 146 percent in net profit to AED65.4 million during Q1 2022, compared to AED26.6 million during the corresponding period last year.

The group secured a growth in revenue of 33 percent to AED1,552 million, compared to Q1-2021 revenue of AED1,168 million, with its total assets standing AED12.63 bn, up 1.3 percent over the same period in 2021.

Mohamed Thani Murshed Ghannam Al Rumaithi, Group Chairman, said, “The exceptional and continued growth in our net profit and revenue reflects the success of the group in strengthening its geographic reach and its strategic diversification to new business verticals. We have underlined our credentials as one of the world’s fastest-growing EPC and marine dredging majors, and achieved strong profitability through the management’s focus on resource use optimisation and enhancing end-to-end operational efficiency.”

Yasser Zaghloul, group CEO, added, “Our strategic expansion to verticals such as civil and port development; downstream, onshore, renewable energy, energy transition as well as subsea and decommissioning, among others will continue to power our growth.”

He added, “We continue to monitor the market situation closely, particularly in terms of exchange rate fluctuations, and we are looking to implement impactful strategies to address the fluctuating price of raw materials. In this, our strong fundamentals and flexible business model is our strength, enabling us to overcome challenges and mitigate their impact. We are also evaluating the economic trends in the markets in which we operate in, especially Egypt, and working relentlessly to strengthen our business model in line with the changes in the market dynamics. This commitment to be proactive and responsive to market trends underpins our strong financial results.”

Source: Emirates News Agency