National Marine Dredging Company (NMDC) yesterday reported a sharp year-on-year decline in its profits by 85.2% in the first three months of 2017.
According to the company filing to the Abu Dhabi Securities Exchange (ADX), NMDC’s profits fell to $421,900 (AED 1.55 million) in Q1-17, from $2.85 million (AED 10.46 million) in the corresponding period of 2016.
NMDC reported the revenue of $91.5 million (AED 336 million) for the three months period ended 31 March 2017 (Q1 2017) compared to $89.9 million (AED 330 million) for the three months period ended 31 March 2016.
Gross profit increased to $7.6 million (AED 28 million), which is 74% above the gross profit for the first quarter of 2016 (AED 16.1 million), while net profit was reduced to $421,900 compared to $2.85 million.
The company also reported that it is continuing projects in the UAE, Bahrain, Egypt and Africa. In the first quarter, NMDC has also started operations in India and has been awarded a contract for a project in the Maldives.