NMDC 2008Q4 profit Dh91m -9%

[sharewadi]

NMDC 2008 Q4 profit Dh91m -9%, FY 270m +26% 28 Jan 2009

National Marine Dredging 2008 Q4 report
National Marine Dredging 2008 annual report

National Marine Dredging Company (NMDC) profit figures for 2008 Q4 are (EPS annualised in brackets):

2008 Q4 profit = AED 90.8m -9.3% from 2007 Q4, EPS = 0.45 dhs (1.80 )
2007 Q4 profit = AED 100m, EPS = 0.50 dhs
2008 FY profit = AED 268m +25.6% from 2007 FY, EPS = 1.34 dhs
2007 FY profit = AED 213m, EPS = 1.07 dhs

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

NMDC share price as of 28 Jan 2009 was 8.45 dhs, so 2008 estimated PE is about 8.45 / 1.80 = 4.7, based on Q4 earnings, which looks cheap, although perhaps not quite as cheap as some other companies, and 2008 PE based on FY earnings is 8.45 / 1.34 = 6.3, which is a bit higher. NMDC profits are somewhat erratic on a quarterly basis - must be something to do with the way payments are structured for shifting sand from one place to another. Still, apart from 2007 Q4, this was the best quarter for NMDC in the past 2 years (and probably better than any quarter before that, I don't have quarterly results from then to check). Crisis? What crisis? Looks like there are plenty of holes to still be dug in the sand at present ...

ADX 28 January 2009 (during trading):

(NMDC) National Marine Dredging Company discloses unaudited balance sheet and income statement for year ended 2008

Other result and related topics

2008Q4 UAE result list

NMDC 2008Q3 profit AED 53.2m 28 Oct 2008
NMDC 2008Q2 profit AED 89.2m 23 Jul 2008
NMDC 2008Q1 report - profit AED 34.4m 14 May 2008 (SW summary)
NMDC 2007FY report - profit AED 213.1m 13 Feb 2008 (SW summary)
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