NMDC Group, a leader in engineering, procurement, construction and marine dredging, has reported solid growth for the first quarter with a 112% increase in net profit which rose to AED641 million ($174 million) from last year's figure of AED303 million ($82.4 million) effectively doubling the group’s profits from the previous year.

 

Announcing its financial results for the three-month period ended March 31, 2024, NMDC said its revenue surged by 67% to hit AED5.34 billion ($1.45 billion) when compared to last year's figure of AED3.21 billion ($873 million), thus highlighting a robust performance and strategic expansion into new projects.

 

In addition, NMDC Group announced the launch of new projects and the commencement of strategic initiatives, highlighting the company’s competitive standing in both local and international markets.

 

The asset value for the group also witnessed a 10% growth, reaching AED22.959 billion in Q1 2024, up from AED20.847 billion the previous year - an increase of AED2.112 billion.-TradeArabia News Service