Abu Dhabi, UAE — National Marine Dredging Company Group (NMDC Group) Tuesday posted AED 16.7 billion ($4.54 billion) in revenues for 2023, a 56 percent surge from the previous year’s AED 10.7 billion.
The company attributed the growth to implementing policies and strategies aimed at growth, expansion, and integrating sustainability into every aspect of its operations.
Net profits surged to AED 2.15 billion ($585 million), a 65 percent increase from AED1.3 billion in 2022. The company’s financial health was further indicated by a rise in gross profit to AED 2.16 billion, nearly double the previous year, showcasing the company’s improved operational efficiency.
The Group’s assets reached AED 20.8 billion in 2023, up from AED 16.0 billion in 2022. The project backlog demonstrated significant growth, with a 76 percent increase to AED54 billion, indicating a strong pipeline of future projects.
NMDC reported a 34 percent increase in cash reserves, amounting to AED 3.7 billion. Earnings per share also reflected positive momentum, with a 65 percent increase to AED 2.61, signifying a strong commitment to delivering shareholder value. The gross profit percentage to revenue rose to 13 percent, a 3-point increase from the previous year, signaling improved efficiency and cost management.
Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group’s Board of Directors, said, “This year’s exceptional financial performance, marked by a remarkable increase in both revenues and net profits, is not just a testament to our financial success but also reflects our commitment to strategic goals and momentum in growth. Our commitment to providing high-quality services has solidified our global presence in executing strategic projects, contributing significantly to economic development worldwide.”
In Q4 2023 alone, NMDC reported revenues of AED 5.7 billion and a net profit of AED 0.64 billion, underscoring the Group’s continuous upward trend, NDMC added.