The National Marine Dredging Group achieved 30% growth in its net profits during the year 2022, to reach 1.3 billion dirhams, compared to its net profits of one billion dirhams during the year 2021.
The group also achieved a growth in its revenues by 35%, to reach 10.7 billion dirhams by the end of 2022, compared to revenues of 7.9 billion dirhams during 2021. The total assets of the group jumped to exceed 16 billion dirhams, an increase of 24% compared to 2021.
The group was able to strengthen its position locally and regionally, with contracts worth more than 9.6 billion dirhams won during the past year, while it continues its growth path during 2023 amid positive indicators of business growth.
Quarterly results
During the last quarter of 2022, the group achieved outstanding results, as net profits jumped 20% compared to the same period in 2021, to reach 601 million dirhams, while revenues increased by 84%, to 4.6 billion dirhams.
Muhammad Thani Murshid Ghannam Al-Rumaithi, Chairman of the Group’s Board of Directors, said: “The year 2022 witnessed exceptional and distinct growth rates for our revenues and net profits, as the group won unique and qualitative contracts and projects worth more than 9.6 billion dirhams, which reflects the success of our plans to achieve geographical expansion, diversify business fields and increase market share.” The group inside and outside the UAE. In view of the year 2023, we look forward to continuing to achieve healthy levels of growth, to complete projects with the highest levels of efficiency and proficiency, to participate actively in the infrastructure of economies and to enhance our capabilities in supporting transformation plans in the field of energy and renewable energy, especially with the UAE declaring 2023 the Year of Sustainability, and the country’s readiness to host Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28).
Strategic plan
For his part, Eng. Yasser Zaghloul, CEO of the National Marine Dredging Company Group, said: “At the beginning of the year, the group drew up a clear and ambitious plan to achieve further growth and the best desired investment returns, and to consolidate its leadership position in the field of engineering, procurement, construction and marine dredging works. This success establishes the confidence of our strategic partners in our ability to implement a wide range of specialized and complex projects in line with the long-term strategic plans for the economies of the UAE and the countries in which we operate. And during 2023, we will continue to raise the group’s contribution to the country’s GDP in line with a project with “Operation 300bn” to stimulate the industrial sector, in addition to focusing on enhancing operational efficiency, improving cost management, supply chain management, and increasing productivity at all levels.
He added, “We are currently working on implementing projects worth more than 54 billion dirhams, and we look forward to doubling their value, especially in light of our increasing capacity and our ability to complete larger and more complex projects, with the continuous development of our marine fleet and the adoption of the latest technological solutions.” The acquisition of the National Petroleum Construction Company and the consolidation of our business into a strong group gave us the advantage in competing for available opportunities, winning more contracts, achieving greater operational efficiency and improving project implementation capabilities.
