{"id":91688,"date":"2024-05-06T00:00:00","date_gmt":"2024-05-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/nmdc-tecom-report-bottom-line-growth-in-1q-2024\/"},"modified":"2024-05-06T00:00:00","modified_gmt":"2024-05-06T00:00:00","slug":"nmdc-tecom-report-bottom-line-growth-in-1q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/06\/nmdc-tecom-report-bottom-line-growth-in-1q-2024\/","title":{"rendered":"NMDC, Tecom report bottom line growth in 1Q 2024"},"content":{"rendered":"<p class=\"tag-border-left\">NATIONAL MARINE DREDGING COMPANY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/nmdc.com\/index.php\" style=\"\" rel=\"noopener\">National Marine Dredging Company (NMDC)<\/a><\/strong><strong> saw its net income climb 122% <\/strong><strong>y-o-y to AED 641.1 mn in 1Q 2024<\/strong>, driven by a \u201cstrategic expansion into new projects,\u201d according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/236.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead: <\/strong>\u201cAs 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,\u201d said NMDC CEO Yasser Zaghloul.<\/p>\n<p class=\"tag-border-left\">TECOM GROUP-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Business district developer Tecom Group posted AED 293 mn in net income in 1Q<\/strong><strong> 2024, up 15% y-o-y<\/strong>, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/239.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. 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%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cDemand from new customers across the six sectors we serve is palpable, notably for Grade A offices and industrial properties,\u201d Tecom Group CEO Abdulla Belhoul said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A positive outlook persists:<\/strong> \u201cWe 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\u2019s D33 and the UAE\u2019s Operation 300 bn. We are confident in our ability to unlock greater shareholder value as we progress on our strategic growth agenda,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NMDC\u2019s revenues reached AED 5.3 bn during the quarter, while Tecom\u2019s rose to AED 564 mn<\/p>\n","protected":false},"author":1,"featured_media":91689,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[237,7,858,1637],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-uae","tag-national-marine-dredging-company","tag-tecom","wpautop","entry"],"acf":{"mongo_id":"69b46bf2-f02e-4864-acc1-36eabf055eb8","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/222.jpg","photo_position":"above","homepage_title":"","full_issue_title":"NMDC, Tecom report bottom line growth in 1Q 2024","related_issue":[91675],"teaser":"NMDC\u2019s revenues reached AED 5.3 bn during the quarter, while Tecom\u2019s rose to AED 564 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.c79ab089-ffd2-44aa-ab28-9603d223441b.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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