Dubai, UAE – National Marine Dredging Group (NMDC) has reported a net profit of $82.5 million for Q1 2023, an increase of 366 percent compared to the same period last year. The company’s success in implementing its expansion strategy, strengthening its local and regional presence and enhancing its operational efficiency, has led to doubling its customers’ confidence and winning new businesses, particularly in the UAE.
The group’s revenue has also doubled, reaching $0.87 billion in Q1 2023, compared to $0.42 billion in Q1 2022, a growth of 106 percent. This has resulted in contracts worth more than $816m being won by the group during the same period.
“We achieved remarkable growth in terms of revenue and profitability during the first quarter, and owe this success to our unwavering belief in our capabilities and steadfast determination to advancing our expansion strategy, catering to the needs of our customers, and gaining their growing confidence in our capabilities,” Mohammed Thani Murshid Ghannam Al-Rumaithi, Chairman of NMDC Group, said.
The CEO of NMDC Group, Eng. Yasser Zaghloul, added: “We are committed to delivering sustained growth through our focus on winning new strategic projects, expanding our business into new markets, leveraging our cutting-edge technologies and capabilities as well as optimizing our operations for greater efficiency and profitability.”
NMDC Group has upcoming projects in Southeast Asia and South Asia, highlighting the confidence of the industry and clients in the Group’s competencies.