UAE: EPC leader NMDC’s net profit grows 30% to $350mln in 2022

UAE: EPC leader NMDC’s net profit grows 30% to $350mln in 2022

UAE - National Marine Dredging Group (NMDC), a world-leading EPC and marine dredging group with over $15 billion of projects under execution, has grown its net profit by 30% in 2022 to reach AED1.3 billion ($350 million). This is compared to the net profit of AED1 billion reported for the year 2021.

In addition, the Group increased its revenues by 35% to AED10.7 billion by the end of 2022, up from AED7.9 billion in the previous year. The Group's total assets increased by 24% and reached to AED16 billion

The Group was also able to strengthen its position locally and regionally, with contracts worth more than AED9.6 billion secured in the year 2022, and it expects to maintain its growth trajectory in 2023, in light of positive economic indicators.

Highlights from the full year of 2022

•Securing the Umm Shaif Field contract from Anoc valued at AED3.47 billion;

•Securing projects from Saudi Aramco totaling AED2.47 billion including Jafurah Development Programme and MNIF 14 Jacket projects for AED1.69 billion and AED782 million respectively;

•Securing the Lower Zakum Field contract for building a New Main Gas Line project (NMGL) from Adnoc for AED2 billion;

•Securing a contract for the Suez Canal dredging works in Egypt for AED1 billion;

•Securing a