Page 20 - Inegrated Annual Report 2020-Eng

Directors’ Report

The Board of Directors of the Company have the pleasure of presenting the 2020
Annual Report along with the audited financial statements as at and for the year ended
31 December 2020.

Highlights

• Despite the unprecedented economic challenges followed by the COVID-19 pandemic, NMDC has
shown resilience and continued to report an improvement in overall financial performance, while
keeping the health and safety of our colleagues as the number one priority.

• During the year, the Group was awarded the Khalifa Port – Etihad Rail Marine Works and Saadiyat
Lagoons Enabling Works projects in the U.A.E, and Al Manzalah Lake Extension and Alexandria
QW-55 reclamation works projects in Egypt.

• In the third quarter, NMDC successfully completed the construction and deployment of the newly
constructed Trailing Suction Hooper Dredger and a Backhoe Dredger.

• During the year, NMDC received an offer from the shareholders of National Petroleum Construction
Company PJSC (“NPCC”), for the acquisition of the entire shareholding of NPCC, in exchange for
shares in NMDC. After review and approval of NMDC›s Board of Directors, NMDC shareholders
approved the offer to transfer the entire shareholding of NPCC to NMDC. The transaction has
received regulatory approval and is effective on 11 of February 2021.

CONTRACT REVENUE

2016 2017 2018 2019 2020
AED AED AED AED AED

1,224 1,418 1,532 2,811 3,776
million million million million million

PROFIT OF THE YEAR

2016 2017 2018 2019 2020
AED AED AED AED AED
57 101 121 181 352
million million million million million

20 2020 Integrated Annual Report