National Marine Dredging Company’s net profit grew 40% in first nine months of 2022

National Marine Dredging Company’s net profit grew 40% in first nine months of 2022

ABU DHABI – The net profit of the National Marine Dredging Company Group (ADX: NMDC) grew 40.3 percent during the first nine months of 2022 to AED703 million, from AED501 million during the same period in 2021.

The positive results showcase the Group's success in implementing its geographical expansion strategy, diversifying into new business verticals, and completing additional projects in the UAE and abroad, all while continuing to win new projects across various industries.

During the third quarter of 2022, the Group secured contracts worth AED2 billion, raising the total value of contracts won during the current year to AED9.267 billion. Further cementing this success, the Group’s revenue increased by 12.9 percent to AED6.072 billion from January to the end of September 2022, compared to AED 5.380 billion in the same period last year. In the third quarter of 2022, the Group’s revenues increased by 19.6 percent reaching AED 2.526 billion, while net profit increased by more than 11 percent to reach AED 300 million.

The Group’s total assets stand at AED13.8 billion as the end of September 2022, representing a growth of 7 percent over the total assets at AED 12.9 billion at the end of December 2021.

The Group's business continued to