NMDC 08Q2 profit Dh89m +57%

[sharewadi]

NMDC 2008 Q2 profit Dh89m +57%, H1 120m +38% 23 Jul 2008

National Marine Dredging 2008 Q2 report
National Marine Dredging 2008 H1 report

ADX 23 July 2008:

(NMDC) National Marine Dredging: Discloses its financial statements for the six months ended 30th June 2008

National Marine Dredging Company (NMDC) profit figures for second quarter 2008 are (EPS annualised in brackets):

2008 Q2 profit = AED 89.2m +56.9% from 2007 Q2, EPS = 0.45 dhs (1.80 )
2007 Q2 profit = AED 56.9m, EPS = 0.28 dhs
2008 H1 profit = AED 124m +38.3% from 2007 H1, EPS = 0.62 dhs (1.24 )
2007 H1 profit = AED 89.4m, EPS = 0.45 dhs

EPS figures calculated from Net Profit / 200,000,000 shares outstanding.

NMDC share price as of 23 Jul 2008 was 11.50 dhs, so 2008 estimated PE is about 11.50 / 1.80 = 6.4, based on Q2 earnings, which is much less than the market average PE of about 17. 2008 PE estimate based on H1 earnings is 11.50 / 1.24 = 9.3, which makes shares look more expensive but still cheap compared to the market average, and for a company with Return on Equity of almost 25%, they look like they could be a good price. Earnings growth is a bit erratic though, that would need some more investigation.

Other result and related topics

2008Q2 UAE result list

NMDC 2008Q1 report - profit AED 34.4m 14 May 2008 (SW summary)
NMDC 2007FY report - profit AED 213.1m 13 Feb 2008 (SW summary)
NMDC 2007Q3 profit AED 23.7m 13 Nov 2007
NMDC 2007Q2 profit AED 56.9m 15 Aug 2007
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