National Marine Dredging Group achieves 366% growth in net profit in Q1 2023 to AED 303 mn

National Marine Dredging Group achieves 366% growth in net profit in Q1 2023 to AED 303 mn

ABU DHABI, 28th April, 2023 (WAM) – National Marine Dredging Group (ADX: NMDC) announced achieving a record growth in its net profit by 366% during the first quarter of 2023, to reach AED 303 million, compared to net profit of AED 65 million during the same period last year.

The Group continued its string of record profits as a result of its success in implementing its expansion strategy, which strengthened its local and regional presence and doubled its customers' confidence in its ability to execute various projects according to the highest standards, leading it to win new businesses, particularly in the UAE, with the completion and delivery of others.

These profits resulted in doubling the revenues during the first quarter ending on March 31, to reach AED 3.2 billion, compared to revenues of AED 1.55 billion during the first quarter of 2022, a growth of 106%. This reaffirms NMDC Group’s success in strengthening its financial performance by enhancing operational efficiency, executing a diverse range of specialized and complicated projects and investing in its world-class fleet and capital assets.

This comes after the Group achieved record net profit in 2022, totaling AED 1.3 billion, compared to net profits of AED 1 billion in 2021.

NMDC