Abu Dhabi contractor National Marine Dredging Company, reported a 16 per cent annual increase in its third-quarter net profit on the back of robust project pipeline, operational expansion, and the successful initial public offering of NMDC Energy.
The company, an engineering, procurement, construction and marine dredging contractor in the Middle East, reported a net profit of Dh731 million ($199 million), compared to Dh632 million in the same period last year, it said in a statement on Sunday.
Revenue for the last quarter stood at Dh6.39 billion, up 50 per cent from the same quarter last year.
“This has been an important quarter operationally, with the delivery of multiple strategic initiatives culminating in the successful listing of NMDC Energy. These activities show that our forward-focused business is primed to unlock new possibilities and drive further value for our partners,” said Mohamed Al Rumaithi, chairman of the NMDC Group.
NMDC’s backlog stood at over Dh70 billion as of September 30, “reflecting a strong pipeline of projects and revenue”, the company said in a separate statement to the Abu Dhabi Securities Exchange, where its shares are traded.
“The company’s project backlog represents the total value of contracted projects that are yet to be completed. This backlog is a key indicator of the future revenue potential and operational workload.”
Last month, NMDC’s unit NMDC Energy closed its IPO which was oversubscribed by more than 31 times, setting the stage for what is expected to be the UAE's biggest listing of 2024.
NMDC reported a 45 per cent increase in its nine-month profit, driven by strong growth across its business verticals.
Net profit for the period stood at Dh2.19 billion, “underlining robust performance and strategic expansion into new projects”, it said in the statement.
Revenues rose to Dh18.58 billion, up 68 per cent from the same period last year. The company also announced Dh2 billion of special cash dividends at Dh2.37 per share.
“We will continue to branch out – both vertically and horizontally – through diversification strategies aimed at maximising added value and driving sustainable company growth,” Yasser Zaghloul, the company's chief executive, said.
The company said its financial performance reflects the “strength of its diverse and growing businesses. As the group continues to move at pace, it is deepening its presence in key markets, advancing its strategic objectives, and unlocking value for partners and shareholders”.
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