National Marine Dredging Company posts Q1 net profit of AED65.4 million
National Marine Dredging Company (NMDC) posted a significant increase of 146 percent in net profit to AED65.4 million in Q1 2022, compared to AED26.6 million in the prior year. The group posted an increase in revenue of 33 percent to AED1.55 billion, compared to Q1-2021 revenue of AED1.16 billion, with its total assets standing at AED12.63 billion, an increase of 1.3 percent.
The exceptional and continued growth in net profit and revenue reflects the success of the group in strengthening its geographical reach and its strategic diversification into new business verticals. NMDC have underlined their credentials as one of the world’s fastest-growing EPC and marine dredging majors, and achieved strong profitability through a focus on resource use optimization and enhancing end-to-end operational efficiency.
NMDC monitors the market situation closely, particularly in terms of exchange rate fluctuations, and is looking to implement impactful strategies to address the fluctuating price of raw materials. The company is also evaluating the economic trends in the markets in which they operate in, especially Egypt, to strengthen and develop their business model in line with the changes in the market dynamics. This commitment to be proactive and responsive to market trends underpins their strong financial results.