National Marine Dredging Company of Abu Dhabi said first-half net profits rose 58 per cent to Dh195.7 million.
Abu Dhabi dredging draws profit
National Marine Dredging Company (NMDC) of Abu Dhabi said first-half net profits rose 58 per cent to Dh195.7 million (US$53.2m) thanks to a raft of infrastructure work on key development projects throughout the emirate. The dredging and land reclamation specialist, a spin-off from the Abu Dhabi National Oil Company (ADNOC), said it would also begin seeking international contracts to bolster its portfolio of marine dredging work.
NMDC is a major contractor on infrastructure and beautification projects in Abu Dhabi, which is in a major diversification programme to stimulate new industries and improve the quality of life for the city's growing population. Some of the work National Marine has performed includes land reclamation at Sowwah Island and Sir Bani Yas Island, the deepening of a channel at Musaffah industrial area, dredging at the port of Fujairah and the Abu Dhabi Corniche.
The Abu Dhabi Securities Exchange-listed company is 40 per cent owned by the Government of Abu Dhabi and 60 per cent by Emirati shareholders. Revenues for the first half were Dh532m, the company said. Its second quarter yielded revenues of Dh318.8m, up from Dh217.3m over the same period last year. Net profits for the latest quarter were Dh140.3m, up from Dh89.2m the previous year. Yasser Zaghloul, the acting chief executive, said that after developing a business plan to add new equipment and services, "the company is looking to participate in local as well as international projects".
Created in 1976 when it was split from ADNOC, National Marine has a staff of 1,000 and operates a fleet of 10 suction dredgers, as well as cranes and tugboats. email@example.com