NMDC Energy Reports Impressive Q3 Financial Results Following Abu Dhabi Listing

NMDC Energy (National Marine Dredging Company), a subsidiary of NMDC Group, has announced remarkable financial results for the third quarter of 2024, marking its first earnings report since being listed on the Abu Dhabi Securities Exchange.

The company reported a staggering 145% year-on-year increase in net profit for the three months ending September 30, 2024, reaching AED 402 million, up from AED 164 million during the same period last year. This surge was attributed to strong operational performance and strategic expansions into new projects. Revenues also saw a significant rise, increasing to AED 3.975 billion, a 110% growth compared to Q3 2023.

For the nine months ending September 30, 2024, NMDC Energy achieved record growth rates, with net profits soaring to AED 904 million, a 122% increase compared to the same period in 2023. Revenues reached AED 9.78 billion during the first nine months of the year, marking a 96% rise year-on-year.

NMDC Energy made its debut on the Abu Dhabi Securities Exchange on September 11, 2024, following an initial public offering that attracted overwhelming demand, exceeding 31.3 times.

Chairman of NMDC Power, Mohamed Hamad Al Muhairi, highlighted the company’s vital role in supporting the UAE’s economic development by securing energy resources, enhancing sustainability, and empowering diverse businesses. He remarked, “Our outstanding financial performance this quarter reflects our values of resilience, discipline, and ambition, while our historic IPO confirms our ambitious future aspirations.”

Eng. Ahmed Salem Al Dhaheri, CEO of NMDC Energy, expressed pride in the strong financial results achieved since the company’s listing. He stated, “Our continued focus on strategic projects has contributed to our revenue growth, driven by key initiatives such as Hail and Ghasha, Estidama, Meeram, Ruwais LNG, Lower Zakum, and Aramco’s Contract Issuance and Purchase Order System.”

Additionally, NMDC Energy received recognition for the Industry 4.0 Program from the Ministry of Industry and Advanced Technology, underscoring its commitment to enhancing operational efficiency and promoting sustainable growth within the UAE’s industrial sector.

Looking ahead, NMDC Energy aims to further consolidate its presence in key markets and strengthen its strategic partnerships. The company recently secured a contract valued at $254.6 million from ADNOC Gas for the next phase of the “Estidama” program to enhance the gas sales pipeline network.

Al Dhaheri concluded, “We are well-positioned to build on the momentum of our strong financial performance in the third quarter to deliver further value to our shareholders as we drive towards sustainability leadership in the UAE’s energy sector.”