EPS figures calculated from Net Profit / 200,000,000 shares outstanding.
NMDC share price as of close on 27 October 2008 was 7.62 dhs, so 2008 estimated PE is about 7.62 / 1.08 = 7.1, based on Q3 earnings, which is somewhat lower than the average market PE of about 10. 2008 PE estimate based on M9 earnings is 7.62 / 1.18 = 6.5, which is a little lower, but compared to historical share prices, is not so cheap based on earnings given that the UAE markets have plummeted this month. PEs were as low as 3.1 and 3.8 for Q2 and Q4 in 2007, and PBV was below 1 all through 2007 (is at 1.0 for Q3 2008).
NMDC shares were untraded today (last time they traded was 22 October 2008).
National Marine Dredging Co.
P.O.Box: 3649 - Abu Dhabi.
Tel: +971-2-5516000 (10 Lines)
Telefax: + 971-2-5516500
Date: 27/10/2008
Ref:nmdc/fa/302/
M/S Abu Dhabi Securities Market
P.O.Box: 54500
Attn, Mr. Khalid Khalfan Al Suwaidi
Head of Listed Companies Department
Sub: Report of Directors
After greetings
The third quarter company financial statement ended on 30/09/2008 shows net profit of AED 176.878 million in comparison with AED 113.036 million for the same period of the year 2007, which means that it has increased by 56.48% and the earning per share 88%.
At present the company is carrying out many big projects like, Al Reem Island, Coconut Island, Abu Al Abyadh Island, Al Gurm Resort, Fujairah Port and Abu Dhabi National Exhibition Co. projects.
The company management is highly motivated further to develop the company performance targeting improvement of dredging productions in line with international standards. All employees of NMDC are considered crucial for the teamwork required to successfully execute our projects. It is the vision of NMDC that qualified nationals will add strength and development to NMDC's overall operations.
Also NMDC makes sure to maintain the heavy equipment through highly qualified technical teams, which results achieving more returns to shareholders.
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