National Marine Dredging Co posts $179m as H1 2017 revenue

The marine specialist revealed it "has identified a number of assets that will be decommissioned in the current financial year"

NMDC's project portfolio includes the expansion of the UAE's Khalifa Port.
NMDC's project portfolio includes the expansion of the UAE's Khalifa Port.

The UAE's National Marine Dredging Company (NMDC) recorded revenues worth $179.7m (AED660m) in the first half of 2017. 

NMDC's H1 2017 revenues are higher than corresponding figures for 2016, worth $177.5m (AED652m). 

READ: GCC's top 20 construction firms disclose H1 2017 financials

Gross profit increased by 27% in H1 2017, to $12.5m (AED46.2m) from $9.9m (AED36.4m) in H1 2016. 

However, net profit reduced to $571,739 (AED2.1m) in H1 2017, from the $6.8m (AED25.2m) recorded in the first half of 2016. 

READ: Contractors discuss the Gulf’s marine projects market

"The main variation to previous year is explained by the release of provisions in 2016," NMDC said in a filing to Abu Dhabi Securities Exchange (ADX).

Net investments in property, plant, and equipment in the six months to 30 June, 2017, amounted to $33.2m (AED122m), "of which the majority relates to milestone payments for the hopper dredger that is under construction". 

NMDC is reviewing its optimal fleet size and composition, "and has identified a number of assets that will be decommissioned in the current financial year". 

According to the filing, NMDC "continued negotiation" with clients in H1 2017, and "subsequently received payment for a number of the projects" it works on with government-related entities. 

READ: Major expansion planned at Abu Dhabi's Khalifa Port

During the first half of 2017, NMDC "continued operations" on projects such as the expansion of Khalifa Port in the UAE (pictured), and a land reclamation project in Bahrain. 

"Work started on the construction of marine infrastructure for India's first floating [liquefied natural gas] import terminal in Gujarat," the filing added. 

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