Abu Dhabi’s NMDC has spread its project wins across geographies

Abu Dhabi’s NMDC has spread its project wins across geographies

Abu Dhabi’s National Marine Dredging Company (NMDC) is an EPC contractor that caters to both onshore and offshore clients in the oil and gas sector. At its 1.3 million square meter yard, NMDC offers a range of services like pipe coating, indoor and outdoor material storage, construction of pressure vessels, and fabrication of storage tanks for petroleum products. NMDC is also engaged in dredging and land reclamation in the UAE’s territorial waters. It also operates in Bahrain, Egypt, Saudi Arabia, and India through its subsidiaries. The market cap is Dh18.23 billion. For 2022, NMDC reported a 35 per cent jump in revenues to Dh10.68 billion, while net profit soared 30 per cent to Dh1.3 billion, of which Dh237 million was attributable to the partial disposal of a subsidiary's operations. As a result, EPS rose 25.39 per cent to Dh1.58. The balance of cash and cash equivalents hit Dh2.78 billion in 2022 from Dh802 million. NMDC holds healthy reserves of retained earnings totalling Dh4.95 billion as of the end of December. NMDC bagged several contracts amounting to over Dh9.6 billion in 2022. These include a deal worth Dh3.4 billion from ADNOC for the Umm Sharif Field and contracts worth AED 2.4