The UAE’s National Marine Dredging Company (NMDC) has reported a significant growth of 146 per cent in its first quarter 2022 net profit, which rose to AED65.4 million compared to AED26.6 million during the corresponding period last year.
The group achieved a growth in revenue of 33 per cent, to AED1,552 million, compared to the first quarter 2021 revenue figure of AED1,168 million, underlining its position as one of the world’s fastest-growing marine dredging majors.
Yasser Zaghloul, group CEO, said, “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. We are 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.”