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Abu Dhabi's NPCC posts 57pc jump in 2017 profit

National Petroleum Construction Company (NPCC), a subsidiary of the Senaat Abu Dhabi, has registered a net profit of Dh700 million ($191 million) in 2017, up 57 per cent compared to the previous year, despite the impact of low oil prices.

Announcing the results, chairman Hussein Al Nowais said its revenues in 2017 increased by 21 per cent to Dh5.7 billion, an indicator of company’s topline performance.

He said that in the last decade the company had achieved good financial results and sustained growth, because of the confidence of its clients from Arabian Gulf and India.

These financial indicators are the proof of NPCC’s engineering, procurement and construction (EPC) capabilities and performance.

NPCC has grown in the last decade and its total profit for 10 years was Dh8 billion and revenues for the same period was Dh48 billion, he added.

Vice chairman and managing director Aqeel A Madhi said NPCC, which was founded 45 years ago in Abu Dhabi, has contributed significantly in the development of the oil and gas industry in Gulf region.

It has executed over 1,250 EPC projects, laid over 5,800 km of pipelines and cables, built and installed over 1250 structures to world class standards, he noted.

CEO Ahmed Al Dhaheri said the company had the largest fleet and fabrication yard in the Middle East and North Africa (Mena) region, 22 vessels, and 1.3 million sq m respectively. NPCC employs over 1,200 engineers, in four engineering centres in the UAE, India and France.

According to him, the yard’s capacity is up to 18.5 million man hours, while engineering capacity is around 3.2 million man-hours.

He also mentioned that NPCC is part of offshore long-term agreement (LTA) with Saudi Aramco and is focusing on consolidating its presence in core markets of the UAE, India and Saudi Arabia.

Recent awards by Adnoc, ONGC and Aramco are a testament to NPCC’s capabilities and long-term relationship with local clients as a local contractor.-TradeArabia News Sevice

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