25 February 2007, still nothing on ESCA site and no disclosures seen. Have a feeling National Marine Dredging Company was one of several firms fined for not handing in 2006 financial results on time.
[edit] Preliminary results appeared 25 Feb 2007 but audited accounts released 29 Mar 2007 showed a number of significant changes. See National Marine Dredging 2006 annual report - summary on SW. This topic title changed to reflect updated results, see rest of discussion below for further information and comments.[/edit] _________________ UAE IPO list | posting guidelines
Last edited by sharewadi on Thu 30 Aug 2007 01:15; edited 4 times in total
(NMDC) 25-02-2007 National Marine Dredging Co announces preliminary financial results for the year 2006
Almost a month late, and these are only the preliminary results. No wonder they were late. These are embarrassingly bad results.
Revenue was up but so were Operating Costs, so much so that Gross Profit was down by over 50%.
Big losses in Trading Investments responsible for the overall loss for the year 2006.
Accounts include profit/loss in Investments held for Trading as operational earnings/losses. Seems odd to me. This is a dredging company, not a stock broker or investment bank no?
(NMDC) 08-03-2007 National Marine Dredging announces holding board of directors' meeting on March 13, 2007
Should be an interesting discussion for the company with just about the worst looking figures for 2006 - decrease of 160% from previous period profit. What are the chances of a dividend ? _________________ UAE IPO list | posting guidelines
(NMDC) National Marine Dredging Company Board decide to postpone Finalizing the financial statements until obtain prices for some projects
No document supplied. Are National Marine Dredging (NMDC) trying to find some more income for the profit and loss statement then? _________________ UAE IPO list | posting guidelines
(NMDC) 29-03-2007 National Marine Dredging announces annual financial results for the year ended 2006
With Directors' report...
NMDC 29 March 2007:
Report of the Board of Directors
I am pleased to welcome you on behalf of the Board of Directors to present to you a summary of the performance of the company during the year 2006 in addition to the financial statements and the report of the auditors for the year ended 31 December 2006.
During 2006 the company dredged a total quantity of about 39.6 million cubic meters. These dredging work involved dredging of navigation channels and reclamation works by materials taken out of the sea.
The dredging projects, which have been completed during the year 2006 include the following:
Qaffai island project
Ojaij - Shahama
Making channel to private jetty complex in Abu Dhabi island.
Dredge charter rent at Corsairs Island Project.
Abu Al Abyadh - South-West channel
The ongoing projects include:
Abu Al Abyadh - North eastern channel 36%
South-East channel 6%
Al Yassat project 85%
Hudayriat island 12%
Potential future projects:
Coconut island project
Ras Ghennada project
The strategy of the company's management is concentrated upon achieving the highest possible profit for shareholders through diversified means of income generation, looking for the best investment opportunities and utilizing the financial and human resources of the company and making the best use of the facilities and capabilities of the company. This has led to achieve net profit of 44.4 million Dirhams and the value of the assets has become 1.42 billion Dirhams in 2006.
On my behalf and on behalf of my brothers, the members of the Board, I wouldlike to extend our great thanks and appreciation to H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE and H.H. Sheikh Mohammed Bin Zayed Al Nahyan, Abu Dhabi Crown Prince for their infinite support to the national companies in general and to National Marine Dredging Company in particular.
UAE’s National Marine Dredging (NMDC) announced a net profit of AED 44.4 mn for FY 06 versus AED 122.1 mn for FY 05.
Hey ho! That'll teach me not to look at the audited statements. NMDC actually made a profit for 2006 in the end . No wonder their share price is up by about 25% in the past two weeks! That's quite a change from the preliminary accounts. _________________ UAE IPO list | posting guidelines
(NMDC) 16-04-2007 National Marine Dredging Co. approved 20% cash dividend in its general assembly meeting
Changed from proposed 15% cash dividend. What a company . First they make a loss, then change it to a profit. Then the dividend gets adjusted. Still, I guess that's what auditors and AGMs are for... _________________ UAE IPO list | posting guidelines
Last edited by sharewadi on Wed 05 Mar 2008 21:01; edited 1 time in total
A dividend in respect of the year ended 31 December 2006 of AED 0.15 per share, amounting to a total dividend of AED 25.35 million was proposed by the Board of Directors on 22 March 2007 for the approval of the Company's shareholders. At the Annual General Meeting the shareholders adopted a resolution to distribute a dividend of AED 0.20 per share, amounting to AED 33.80 million.
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. No wonder their share price is up by about 25% in the past two weeks! That's quite a change from the preliminary accounts.