Abu Dhabi’s project firm NMDC delivers a record Dh1b+ net profit for 2021

Abu Dhabi’s project firm NMDC delivers a record Dh1b+ net profit for 2021

Dubai: Another UAE company has turned in record numbers for 2021, with Abu Dhabi’s National Marine Dredging Company’s net profit just topping the Dh1 billion mark against Dh106 million a year ago. What will be even more encouraging for the company – one of the region’s biggest names in engineering, procurement and construction – has contracts valued at Dh40 billion on its books. NMDC, which will not be using any dividends for 2021, saw total assets increase 75 per cent to Dh12.9 billion while revenues grew 78 per cent to Dh7.9 billion. “We have demonstrated exceptional resilience to the challenging market environment, and we will continue to work to achieve our ambitious expansion plans regionally and internationally,” said Yasser Zaghloul, Group CEO. “We aim to deliver end-to-end EPC services, onshore and offshore, through a balanced organic and acquisitive development of new capabilities in downstream, renewable and subsea, among others. “We are also partnering with established global players in hydrogen and carbon capture. The business diversification and geographic expansion will add exceptional value to our stakeholders.” Having completed the acquisition of energy industry focussed NPCC (National Petroleum Construction Co.) last year, NMDC picked up some impressive project wins last year, both