The UAE Marine Dredging Company achieved strong business results during the past year (2022), supported by the expansion of its operations and projects in a number of oil and gas fields in the region, led by Saudi Aramco and UAE ADNOC projects.
The Emirati group, which is active in providing oil and gas field services, achieved a 30% net profit growth in 2022, to reach 1.3 billion dirhams ($350 million), compared to its net profit of one billion dirhams ($270 million) in 2021.
This reflects the success of the Marine Dredging Company’s strategy in terms of geographical expansion, expansion of the group’s business, and completion of more projects.
2022 revenue
The group achieved a growth in its revenues by 35%, to reach 10.7 billion dirhams ($2.91 billion) by the end of 2022, compared to revenues of 7.9 billion dirhams ($2.15 billion) during 2021.
* The dollar is equivalent to 3.67 UAE dirhams
The total assets of the group jumped to exceed 16 billion dirhams, an increase of 24% compared to 2021, according to the data seen by the specialized energy platform.
ADNOC and Aramco projects
The Marine Dredging Group was able to strengthen its position locally and regionally, with contracts worth more than 9.6 billion dirhams won during the past year, while it continues its growth path during 2023 amid positive indicators of business growth.
During 2022, the group succeeded in achieving many achievements, including winning a contract worth 3.47 billion dirhams that includes engineering, construction, supply, installation and operation of the project for the sustainable development of the strategic “Umm Shaif” field for ADNOC.
It also won contracts from Saudi Aramco worth 2.471 billion dirhams, including the Jafurah field development program and the “Munif-14” project, worth 1.6 billion dirhams and 782 million dirhams, respectively.
The group also won a contract worth 2 billion dirhams to build a new main gas line in the Lower Zakum field for ADNOC, in addition to winning a contract worth 1 million dirhams for dredging works in the Suez Canal in Egypt.
The Marine Dredging Company also obtained a contract from the Taiwanese Yaning Wind Energy Company for the installation of single poles for wind turbine structures in the Yanlin offshore wind field, at a value of 364 million dirhams, in addition to winning a dredging and reclamation contract worth 256 million dirhams from Ansab Contracting Company, one of the specialized Saudi companies responsible for implementing A number of pioneering infrastructure projects and modern road networks in the Kingdom.
Marine dredgers also won a contract worth 79 million dirhams for the dredging works project at the entrance to the navigational canal and the quay wall trench in the port of Safaga in Egypt.
In January 2023, the National Petroleum Construction Company, affiliated to the National Marine Dredging Group, obtained a letter of award from ADNOC for a pre-construction services agreement related to marine facilities for the Hail and Ghasha gas development project, at a value of 220 million dirhams, in addition to laying the foundation stone for a yard. A new manufacturing facility covering an area of 400,000 square meters at Ras Al-Khair Port in the Eastern Province of the Kingdom of Saudi Arabia.
Fourth quarter results
During the last quarter of 2022, the group achieved outstanding results, as net profits jumped 20% compared to the same period in 2021, to reach 601 million dirhams, while revenues increased by 84%, to 4.6 billion dirhams.
The Group Chairman, Mohammed Thani Murshid Ghannam Al-Rumaithi, said: “The year 2022 witnessed exceptional and distinct growth rates for our revenues and net profits, as the group won unique and qualitative contracts and projects worth more than 9.6 billion dirhams, which reflects the success of our plans to achieve geographical expansion, diversify business fields, and increase market share.” The group inside and outside the UAE.
He added: “Looking forward to 2023, we look forward to continuing to achieve healthy levels of growth, complete projects with the highest levels of efficiency and proficiency, participate actively in the infrastructure of economies, and enhance our capabilities in supporting transformation plans in the field of energy and renewable energy, especially with the UAE declaring 2023 the Year of Sustainability.” And the country’s readiness to host the COP 28 climate summit.
Marine dredging works
For his part, CEO of the National Marine Dredging Company Group, Yasser Zaghloul, said: “At the beginning of the year, the group drew up a clear and ambitious plan to achieve further growth and the best desired investment returns, and to consolidate its leadership position in the field of engineering, procurement, construction and marine dredging works.
He added, “This success establishes the confidence of our strategic partners in our ability to implement a wide range of specialized and complex projects in line with the long-term strategic plans for the economies of the UAE and the countries in which we operate.”
He pointed out that during 2023, we will continue to raise the group’s contribution to the UAE’s GDP, in addition to focusing on enhancing operational efficiency, improving cost management, supply chain management, and increasing productivity at all levels.
He explained that his company is currently working on implementing projects worth more than 54 billion dirhams, and is looking forward to doubling its value, especially in light of its increasing capacity and ability to complete larger and more complex projects, with the continuous development of its marine fleet and the adoption of the latest technological solutions.
Petroleum Construction Company
Zaghloul indicated that the acquisition of the National Petroleum Construction Company and the consolidation of its business into a strong group gave marine dredging an advantage in competing for available opportunities, winning more contracts, achieving greater operational efficiency, and improving project implementation capabilities.
The National Marine Dredging Company completed its business consolidation deal with the National Petroleum Construction Company in February 2021, to enhance project execution capabilities, including the entire value chain to support future expansion plans.
It should be noted that the group is expecting a number of upcoming projects in Southeast Asia and South Asia, which highlights the sector’s confidence in its competencies.
The group has developed exceptional engineering, procurement and construction capabilities in the energy sector, for onshore and offshore construction and maintenance of oil and gas facilities.
It expanded its operations in the field of marine contracting through the massive expansion of construction and maintenance projects of ports, water canals and structures close to water.
The group is also working to enhance its specialized marine services through marine logistics services and operations, in addition to conducting construction and maintenance conditions tests.
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