NMDC Group doubles first half net profit to AED 881mn

NMDC Group doubles first half net profit to AED 881mn

ABU DHABI, 26th July, 2023 (WAM) – National Marine Dredging Group (ADX: NMDC) has announced a significant surge in its net profit during the first half of 2023, reaching AED 881 million. This remarkable achievement reflects the success of the Group’s geographic expansion strategy and the successful execution of major projects.

The first half year results demonstrate record-breaking numbers and substantial growth in both revenue and net profit, with the Group’s revenue reaching AED 6.765 billion, compared to AED 3.546 billion in the same period of the previous year, an increase of AED 3.219 billion.

The numbers and achievements reflect strong performance and continuous progress in various major projects, such as the Northern Development Project, Hail and Ghasha in the United Arab Emirates, in addition to long-term agreements with Aramco in the Kingdom of Saudi Arabia.

Furthermore, the Group's net profit reached AED 881 million in the first half of 2023, a 119% increase of AED 478 million compared to the net profit in the first half of 2022, which stood at AED 403 million, further showcasing the growth of its operational efficiency. These positive results demonstrate the Group’s success in adhering to its strategy and achieving its financial goals while focusing on