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NMDC Energy JCSJ , a majority-owned subsidiary of NMDC Group, has announced impressive financial results for the third quarter of 2024, marking its first earnings report since its initial public offering (IPO). The company achieved a 145% year-on-year increase in net profit for the three months ending 30 September 2024, rising from AED 164 million to AED 402 million. This growth was attributed to strong operational performance and strategic expansion into new projects.
Revenue Surge and Record Growth
Revenues for the third quarter surged by 110%, reaching AED 3.975 billion compared to the same period in 2023. NMDC Energy also reported record growth in net profits for the first nine months of 2024, with a total profit of AED 904 million, reflecting a 122% increase from the corresponding period in 2023. The company’s revenue for the first nine months of 2024 hit an all-time high of AED 9.78 billion, marking a 96% increase over the same period in the previous year.
IPO Success and Strategic Focus
NMDC Energy began trading on the Abu Dhabi Securities Exchange (ADX) on 11 September 2024, following an IPO that was oversubscribed 31.3 times. The company’s Chairman, Mohamed Hamad Almehairi, highlighted the firm’s role in supporting the UAE’s economic development and sustainability goals. “Our impressive financial performance for this quarter tells a story of resilience, discipline, and ambition,” Almehairi said. “Our landmark IPO signaled our intent for the future, and we will continue to work closely with our partners to create new opportunities.”
CEO Eng. Ahmed Salem Al Dhaheri emphasized the company’s strategic focus, citing key projects such as Hail & Ghasha, Estidama, MERAM, Ruwais LNG, Lower Zakum, and Aramco CRPOs as significant contributors to revenue growth. Al Dhaheri added, “Our strong Q3 performance lays the groundwork for further success, and we are well-positioned to deliver continued value for our shareholders.”
Advancing Sustainability and Industry Leadership
NMDC Energy is making strides in sustainability and technological innovation. The company was awarded a $254.6 million contract by ADNOC Gas for the next phase of the Sales Gas Pipeline Network Enhancement Program, known as Estidama. Additionally, in August 2024, NMDC Energy was recognized as an Industry 4.0 Digital Leader by the Ministry of Industry and Advanced Technology (MoIAT) for its use of cutting-edge technologies to boost operational efficiency and promote sustainable growth.
With its strong financial performance, strategic partnerships, and sustainability initiatives, NMDC Energy is well-positioned to drive future growth and continue leading the UAE’s energy sector toward a more sustainable future. |
