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"
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).
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.
"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.
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.