Significant Milestone achieved by The National Marine Dredging Company (NMDC) in the fiscal year 2023
The National Marine Dredging Company (NMDC) has achieved significant milestones in the fiscal year 2023, demonstrating exceptional financial performance and strategic growth initiatives. This article presents an overview of NMDC's 2023 Annual Report, highlighting key accomplishments, financial figures, and strategic goals.
Summary
In 2023, NMDC Group achieved a remarkable net profit of over AED 2 billion, doubling its previous threshold and marking a significant milestone in its history. This achievement follows the merger with NMDC Energy (formerly NPCC) in February 2021. The year saw a substantial increase in both revenues and net profits, reflecting NMDC's commitment to strategic goals and global growth momentum. Total revenues surged by 56% to AED 16.7 billion, while net profits soared by 65% to AED 2.15 billion compared to the previous year. The Group's assets also grew to AED 20.8 billion, supported by an extensive order backlog valued at AED 54 billion, showcasing NMDC's robust development initiatives and geographic expansion. With a diversified portfolio of projects in hand, NMDC continues to excel in the Marine and EPC markets, solidifying its leadership in engineering, procurement, construction, and marine dredging sectors.
National Marine Dredging Company 2023 Annual Report
The Board of Directors of National Marine Dredging Company (“NMDC” or the “Group”) have the pleasure of presenting the 2023 Annual Report along with the audited financial statements as at and for the year ended 31 December 2023.
Highlights
- 2023 will be engraved in the NMDC Group history as a special year, one in which the Group crossed the AED 2 billion net profit mark after two consecutive years of crossing the AED 1 billion threshold. The Group doubled its net profit after almost three years into the merger with NMDC Energy (formerly known as National Petroleum Construction Company (“NPCC”)) which took place on 11 February 2021.
- This year's exceptional financial performance, marked by a remarkable increase in both revenues and net profits, is not just a testament to our financial success but also reflects our commitment to strategic goals and momentum in growth. Our dedication to delivering dynamic, high-quality services has solidified our global presence in executing pivotal strategic projects, contributing significantly to comprehensive economic development in the markets in which we operate.
- In FY2023, NMDC reported total revenues of AED 16.7 billion, a 56% surge from the previous year’s AED 10.7 billion. This upward trajectory is further mirrored in the Group's net profits, which soared to AED 2.15 billion, marking a 65% increase from the AED 1.3 billion achieved in 2022.
- The Group's assets reached a value of AED 20.8 billion in 2023 from AED 16.0 billion in 2022, coupled with an extensive order backlog valued at AED 54 billion. These figures are a testament to NMDC’s robust development initiatives and strategic geographic expansion, further enhancing its leadership in engineering, procurement, construction, and marine dredging sectors.
- NMDC Group is continuously spreading its wings, raising its ambition and actively participating in the Marine and EPC markets, which is reflected in the diversified portfolio of projects in hand.