National Marine Dredging Company (NMDC) on Monday reported a 106.2% year-on-year hike in profits for the third quarter of 2018.
Net profits amounted to AED 46.4 million in Q3-18, compared to AED 22.5 million in Q3-17, according to a filing to the Abu Dhabi Securities Exchange (ADX).
For the first nine months of 2018, the company’s profits surged 131% to AED 56.7 million, against AED 24.5 million in the same period of the prior year.
General and administrative expenses declined 23% to AED 48 million in the nine-month period ended September, versus AED 62.3 in the same period a year ago.
Meanwhile, revenues jumped to AED 12.7 million from January to September, compared to AED 4 million in the last year period.
It is worth mentioning that the company achieved profits of AED 10.3 million during the first half of 2018.