National Marine Dredging : Nterim Financial Information - Q2 English

National Marine Dredging

Company PJSC

Reports and condensed consolidated interim financial statements

for the six-month period

ended 30 June 2023 (unaudited)

National Marine Dredging Company PJSC

Reports and condensed consolidated financial statements for the six-month period ended 30 June 2023 (Unaudited)

Contents	Pages
Report on review of interim condensed consolidated financial statements	1
Condensed consolidated statement of financial position	2
Condensed consolidated statement of profit or loss	3
Condensed consolidated statement of comprehensive income	4
Condensed consolidated statement of changes in equity	5
Condensed consolidated statement of cash flows	6
Notes to the condensed consolidated financial statements	7 - 23

Deloitte & Touche (M.E.)

Level 11, Al Sila Tower

Abu Dhabi Global Market Square

Al Maryah Island

P.O. Box 990

Abu Dhabi

United Arab Emirates

Tel: [phone]

Fax:[phone]

www.deloitte.com

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS TO THE BOARD OF DIRECTORS OF NATIONAL MARINE

DREDGING COMPANY PJSC

Introduction

We have reviewed the accompanying condensed consolidated statement of financial position of National Marine Dredging Company PJSC (the "Company") and its subsidiaries (together referred to as the "Group") as of 30 June 2023 and the related condensed consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for the six-month period then ended and other explanatory notes. Management is responsible for the preparation and fair presentation of these interim consolidated financial information in accordance with International Accounting Standard 34, "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim condensed financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial information does not present fairly, in all material respects in accordance with IAS 34, "Interim Financial Reporting".

Deloitte & Touche (M.E.)

Mohammad Khamees Al Tah

Registration Number 717

28 July 2023

Abu Dhabi

United Arab Emirates

Akbar Ahmad (1141), Cynthia Corby (995), Faeza Sohawon (5508), Firas Anabtawi (5482), Georges Najem (809), Jazala Hamad (1267), Mohammad Jallad (1164), Mohammad Khamees Al Tah (717), Musa Ramahi (872), Mutasem M. Dajani (726), Obada Alkowatly (1056), Rama Padmanabha Acharya (701) and Samir Madbak (386) are registered practicing auditors with the UAE Ministry of Economy.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2023

	Noles	30 June 1013
			AED '000
			(Unaudited)
ASSETS
Non-<:urrent assets
Propeny, plant and equipment	3	4,381,810
Investment propeny	4	40,000
Right-of-use assets	5	333,177
Goodwill		5,057
Investments in equity accounted investees	6	266,653
Deferred tax assets		6,776
Retentions receivable				-1fil.947
Total non-current assets			5,137,420
Current assets
Inventories		533,618
Trade and other receivables	7			4,829,1 ll
Contract assets	8	3,424,518
Financial assets at fair value through profit or loss	19	369,791
Derivative financial assets	19	36,663
Cash and bank balances	9			1..�492
Total current assets				ll,434J..21
TOTAL ASSETS		17571613
EQUITY AND LIABILITIES
Capital and reserves
Share capital		825,000
Merger reserve		765,000
Other reserves	17	(100,912)
Retained earnings				j,lli.,490
Equity attributable to the shareholders of the Company			7,324,578
Non-controlling interests				�066
Total equity			7,328,644
Non-<:urrent liabilities
Provision for employees' end ofservice benefits		422,636
Long term borrowings	10	1,249,219
Long term lease liabilities	5		323,179
Total non-current liabilities		1,995,034
Current liabilities
Trade and other payables	11	6,603,782
Contract liabilities		1,194.943
Derivative financial liabi:ities	19	24,992
Income tax payable		70,134
Short term borrowings	10	342,346
Shon term lease liabilities	5		____JJ..,738
Total current liabilities
Total liabilities			!Q.ill,969
TOTAL EQUITY AND LIABILITIE:S			g.m,6.1..	l

3J December 2022

(Audited)

4,338,615

340,127

5,057

191,933

8,468

8184

4,892384

465,522

4,741,330

3,087,043

34,535

41.747 _lJ..81.732

lL.153,909

16.lM.6.lli

825,000

765,000

(7,786)

4 955 312

6,537,526 __]_,Qfil)

• 540,606

403,448

• ,420,392 337 3 I7

2 161 157

6,396,050

462,377

47,236

84,784

342,346

____!_!__J]2

J.�530

___2.505.687

J.6._Q�fi.2.2.J

To the best of our knowledge, the financialinfonnation included in the report fairly prese nts in all material respects the financial condition, results of operation and cash flows of the Group as of, and for, the periods presented in these condensed consolidated

financial statements.

Mobam
ffiM	G
	OFFICER

• chcd notes I to 23 form part of these condensed consolidated financial statements.

Sreemoot Pras:Ji Barua GROUP cRIEF FINANCIAL OFFICER

2

National Marine Dredging Company PJSC

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the six-month period ended 30 June 2023

				3 months ended 30 June			6 months ended 30 June
		2023	2022		2023		2022
			AED '000		AED '000			AED '000				AED '000
	Notes	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Revenue from contracts with customers	12	3,556,399		1,993,970		6,764,668			3,545,832
Contract costs		(3,050,632)	(1,973,855)	(5,935,971)	(3,415,650)
GROSS PROFIT		505,767		20,115		828,697		130,182
Share of net results of equity accounted
investees	6	21,022	1,394		34,892		2,545
General and administrative expenses		(62,353)	(26,774)	(103,841)	(63,475)
Finance cost		(29,845)	(12,659)	(60,222)	(24,686)
Finance income		34,418	8,349		63,426		14,327
Foreign currency exchange loss		(10,356)	(10,222)	(19,116)	(16,311)
Fair value gain/(loss) on financial assets
at fair value through profit or loss	19	115,690		(2,133)	113,757		(2,885)
Gain on partial disposal of a subsidiary's
operations	6.2	-		237,615		-			237,615
Fair value gain arising on the remeasurement	6.3	-		116,431		-			116,431
Other income, net			9,397	19,573		23,013		24,796
Profit before tax			583,740			351,689			880,606		418,539
Income tax (expense)/credit on foreign operations		(5,901)		(14,007)		558			(15,391)
PROFIT FOR THE PERIOD	13		577,839		337,682		881,164		403,148
PROFIT ATTRIBUTABLE TO:
Shareholders of the Company		577,242		337,702		880,178		403,089
Non-controlling interests			597			(20)	986			59
PROFIT FOR THE PERIOD			577,839			337,682			881,164				403,148
Basic and diluted earnings per share
attributable to equity holders of the	15
Company		0.70		0.41		1.07			0.49

The attached notes 1 to 23 form part of these condensed consolidated financial statements.

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