NATIONAL MARINE DREDGING COMPANY PJSC
MANAGEMENT DISCUSSION AND ANALYSIS FOR THE NINE-MONTH PERIOD
ENDED 30 SEPTEMBER 2022
This Management Discussion and Analysis (MD&A) should be read in conjunction with the unaudited interim
condensed consolidated financial statements of National Marine Dredging Company PJSC (“NMDC” or the
“Group”) as at and for the nine-month period ended 30 September 2022.
SUMMARY OF CONSOLIDATED FINANCIAL RESULTS
(AED Millions)
Three months ended 30 September Nine months ended 30 September
2022 2021 Variance 2022 2021 Variance
Revenue 2,526 2,112 414 6,072 5,380 692
Gross profit 341 254 87 488 485 3
Net profit 300 270 30 703 501 202
• Revenue of AED 6,072 million for the nine-month period is higher than the revenue for the
corresponding prior period, primarily driven by continued progress on various projects including Hail
& Ghasha, Shamal Development project, Etihad Rail project and ARAMCO LTAs.
• Geographical diversification of revenue for the Group is set out in the chart below. For the period
ended 30 September 2022, the Group generated 63% of its revenue from the UAE and 37% from the
international market (mainly Saudi Arabia 23% and Egypt 13%).
YTD 30th September 2022 YTD 30th September 2021
KKuuwwaaiitt
119944
EEggyypptt
Kuwait 221188
91 IInnddiiaa
Egypt 223355
805
India
UUAAEE
11 33,,111133
UAE KKSSAA
11,,662200
KSA 3,770
1,395
Contract revenue (geographical -AED CCoonnttrraacctt rreevveennuuee ((ggeeooggrraapphhiiccaall --AAEEDD
million) mmiilllliioonn))
Page 1 of 3SUMMARY OF CONSOLIDATED FINANCIAL RESULTS continued
• During the period, the Group entered into a collaboration with Abu Dhabi Ports Company PJSC
("ADPC") to expand its service offerings and capabilities in the Survey and Diving ("S&D") arena.
The Group incorporated a joint venture, Safeen Survey and Subsea Services LLC ("Safeen") and
made an in-kind contribution to Safeen by way of a transfer of its S&D Division assets, reven ue
contracts and manpower resources. The Group then disposed 51% of its interest in Safeen to ADPC,
retaining a 49% interest.
New Projects Awarded
New projects awarded to the Group during nine months’ period ended 30th September 2022 include:
 Lower Zakum field contract for building a New Main Gas Line Project (NMGL) from ADNOC
for AED 2,000 million;
 Umm Shaif Field project from ADNOC for AED 3,474 million;
 Jafurah Development Programme and MNIF 14 Jacket projects from Saudi Aramco for AED
1,689 million and AED 782 million respectively;
 Charter of DLS-4200 vessel to Yunneng Wind Power Co. Ltd for AED 364 million.
 Tharwa Town Reclamation Works from Ansab Contracting in Kingdom of Saudi Arabia for
AED 256 million; and
 Dredging works at the entrance to the navigation channel and the trench of the quay wall in
Safaga Port in Egypt with for AED 79 million;
Other events
• On 19 thJuly NPCC, a subsidiary of NMDC
has signed an agreement with Technip Energies to
establish a new joint company called NT Energies headquartered in Abu Dhabi. The new joint
• venture is to accelerate energy transition in the U.A.E and the MENA region.
During Q3'2022, the Group has signed a Memorandum of Understanding (MOU) with James
Fisher and Sons (James Fisher) to cooperate on key projects in the oil and gas sector. Both
FLEET companies will initially focus on exclusive diving projects in the Middle East.
During the period ended 30thSeptember, Group procured a cutter suction dredger for AED 425 million, which
has been deployed to our UAE projects. The addition of this vessel to the Group’s fleet will allow it to take on
more challenging, large scale and diverse projects, and become more competitive in the dredging market in
the coming years.
Page 2 of 3

Sentiment: positive