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NATIONAL MARINE DREDGING COMPANY-
The National Marine Dredging Company (NMDC) saw its net income climb 122% y-o-y to AED 641.1 mn in 1Q 2024, driven by a “strategic expansion into new projects,” according to the company’s earnings release (pdf). Revenues increased 67% y-o-y during the quarter to AED 5.3 bn, as the company was awarded AED 3.3 bn worth of contracts since the start of the year.
Looking ahead: “As we look forward, our focus is on sharpening our financial indicators, optimizing our operational processes to enhance profitability and revenue, and expanding our asset portfolio. Our strategy is built on a solid foundation of past achievements and the strategic acquisition of new projects,” said NMDC CEO Yasser Zaghloul.
TECOM GROUP-
Business district developer Tecom Group posted AED 293 mn in net income in 1Q 2024, up 15% y-o-y, according to the company’s earnings release (pdf). Its top line rose 10% y-o-y to AED 564 mn in 2023, primarily fueled by high occupancy rates, with commercial and industrial portfolios seeing 91% occupancy, and industrial lands seeing 98%.
What they said: “Demand from new customers across the six sectors we serve is palpable, notably for Grade A offices and industrial properties,” Tecom Group CEO Abdulla Belhoul said.
A positive outlook persists: “We anticipate the demand-induced growth momentum to be sustained for the rest of the year. Our confidence is underpinned by a positive macroeconomic outlook enabled by pro-growth government initiatives, including Dubai’s D33 and the UAE’s Operation 300 bn. We are confident in our ability to unlock greater shareholder value as we progress on our strategic growth agenda,” he added.
