- Net profit up 145% year-on-year due to strong operational performance and strategic expansion
- Third quarter revenues reached AED 3.975 billion, up 110% year-on-year
Abu Dhabi, UAE; 23 October 2024: NMDC Energy JCSJ (ADX: NMDCENR), a majority-owned subsidiary of NMDC Group (ADX: NMDC), has reported strong third quarter financial results in its first earnings announcement since its recent initial public offering (IPO).
NMDC Energy delivered a 145% year-on-year increase in net profit for the three months ending 30 September 2024, from AED 164 million to AED 402 million, driven by strong operational performance and strategic expansion into new projects. Revenues soared to AED 3.975 billion, up 110% from the corresponding period of 2023.
The company achieved record growth rates in net profits in the nine-month period ending 30 September 2024, reporting a net profit of AED 904 million, reflecting a 122% increase compared to the same period of 2023. The revenue for the first nine months of 2024 stands at an all-time record high AED 9.78 billion, up 96% from the corresponding period in 2023.
NMDC Energy began trading on the Abu Dhabi Securities Exchange (ADX) on 11 September 2024 following an IPO that was oversubscribed 31.3 times.
Mohamed Hamad Almehairi, Chairman of NMDC Energy, said: 'NMDC Energy works at the very heart of the nation’s economic development by securing energy, powering businesses, advancing sustainability, and enabling people from diverse walks of life. Our impressive financial performance for this quarter tells a story of resilience, discipline and ambition, while our landmark IPO signalled our intent for the future. In the near term, we will be focused on working closely with our partners to create new opportunities.”
Eng. Ahmed Salem Al Dhaheri, CEO of NMDC Energy, said: “We are pleased to be reporting a solid set of results, marking a key milestone for us since our listing. Our continued focus on strategic projects contributed to our revenue growth over the first nine months of the year, which included Hail & Ghasha, Estidama, MERAM, Ruwais LNG, Lower Zakum and Aramco CRPOs. We are also proud to have been officially recognized and certified as an Industry 4.0 Digital Leader by the Ministry of Industry and Advanced Technology (MoIAT), reflecting our efforts in enhancing operational efficiency, promoting sustainable growth, and increase competitiveness within the UAE's industrial sector.”
He added: “NMDC Energy continues to drive our business to be a true pioneer for sustainability in the UAE’s energy sector. Our successful listing this quarter is a firm reflection of where we are headed as a company, laying the ground for further success. We are very well positioned to build on the momentum of our strong third quarter financial performance to deliver further value for our shareholders.”
NMDC Energy is setting its sights on future growth. The company is deepening its presence in key markets, strengthening strategic partnerships, advancing its strategic objectives, and working to embed sustainable practices across its businesses. Recently, NMDC Energy 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.
In August 2024, NMDC Energy was recognised and certified as an Industry 4.0 Digital Leader by the Ministry of Industry and Advanced Technology (MoIAT). This recognised the company’s use of state-of-the-art technologies to enhance operational efficiency, promote sustainable growth, and increase competitiveness within the UAE's industrial sector.
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