NMDC Allows Foreigners to Own 49% Stake in Company – News
The decision to clear ownership of 49% of NMDC’s shares will lead to increased trading in the company’s shares, increased liquidity and international flows for the stock, increasing its value in global trading indices such as as ‘FTSE Russell’ and ‘MSCI’
NMDC recently announced that it recorded a solid net profit growth of 146% to Dh65.4 million during the first quarter of 2022, compared to net profit of Dh26.6 million during the same period last year . — File photo
The Board of the National Marine Dredging Company (NMDC) has decided to allow non-Emirati domestic investors to hold up to 49% of the company’s capital. The decision, effective April 28, 2022, was adopted at the company’s general meeting and allows non-Emirati investors to buy shares in NMDC, one of the world’s leading engineering, procurement, construction (EPC) and marine dredging.
The decision to clear ownership of 49% of NMDC’s shares will lead to increased trading in the company’s shares, increased liquidity and international flows for the stock, increasing its value in global trading indices such as as ‘FTSE Russell’ and ‘MSCI’.
Group Chairman Mohamed Thani Alrumaithi said that NMDC is striving to improve and expand its business in support of the directives of the wise leadership to achieve a leading global position for domestic enterprises in line with the vision. UAE Centenary 2071 long-term plan aiming to achieve first-place positions globally in various sectors.
“The group comprises five of the largest integrated engineering, procurement and construction companies in the oil and gas and marine services sectors in the Middle East and North Africa. The Group’s strategic diversification will focus on developing outstanding capabilities in the energy and marine sectors in the next stage,” he said.
A positive project
Yasser Zaghloul, CEO of the group, said the board’s decision to allow foreigners to hold up to 49% of the company’s capital is effective from April 28, after the company completes procedures. regulations.
“This step is part of the group’s strategy to implement a positive long-term plan that strengthens our business and global leadership in EPC, marine dredging and related sectors, as well as the traditional energy and energy industries. renewable.”
“We will continue to work to consolidate the success of the group which was reflected in its financial performance in the first quarter and the record profits achieved in 2021. The group has established itself as a world leader in the fields of engineering, procurement, construction and marine dredging, adding more operational value to all of its operations.
Most recently, NMDC announced that it recorded a solid net profit growth of 146% to Dh65.4 million during the first quarter of 2022, compared to a net profit of Dh26.6 million during the same period last year. last year. This reflects the group’s success in expanding its footprint into new geographies and diversifying into new verticals.
The group also achieved record profits in 2021, with a net profit of one billion dirhams, multiplied by 8, consolidating its global leadership among the first companies in the sectors of engineering, supply, construction and marine dredging. In addition, NMDC’s current contract volume has exceeded 40 billion dirhams in eight regions of the world, including Gulf States, Middle East, Egypt, North Africa, India, Maldives, the Seychelles and Southeast Asia, as well as the start-up in Europe, indicating the solidity and durability in the global market of the sector.
NMDC continued its plans for geographic growth, securing unique and strategic projects, while focusing on business diversification as well as mergers and acquisitions that enhanced its profitability and return on investment. The Group’s new strategy focuses on efficient use of resources, cost optimization, supply chain management and increased productivity at all levels.
The Group CEO said: “We look forward to acquiring a number of upcoming projects in Southeast Asia, South Asia and Europe, as well as building our capabilities to support energy transformation and plans renewable energy, especially as the United Arab Emirates prepares to welcome the United States. United Nations Framework Convention on Climate Change (COP28) next year in Abu Dhabi.
He added, “The company is implementing the state’s strategy to build a sustainable economy, keep up with the changing times, provide job opportunities, qualify national talent, and strengthen and sustain economic growth through our projects to improve economic infrastructure. The acquisitions the company seeks to make aim to reduce risk, open new markets and increase shareholder returns. »
The group develops ports and works on civil projects, refining and petrochemical operations, onshore operations, renewable energy, deep water and other related projects. It also operates a modern fleet in the areas of energy and marine dredging, consisting of a group of dredgers supported by complementary equipment of tugs, work boats, barges and survey vessels. At the end of 2021, the value of the Group’s current assets had increased by 75% to reach MAD 12.9 billion, compared to MAD 7.3 billion at the end of 2020.
The group has expanded its maritime contracting business through the massive expansion of construction and maintenance projects for ports, canals and structures near water, as well as the improvement of its services specialized marine services through marine services and logistics operations, as well as testing construction and maintenance conditions.