NMDC Energy Reports 80% Profit Growth in 2024, Expands Globally and Advances Sustainability

Abu Dhabi-based NMDC Energy PJSC, a subsidiary of NMDC Group, has announced robust financial results for 2024, driven by strategic international expansion, a strong project pipeline, and the success of its Initial Public Offering (IPO).

Financial Performance and Growth

The company reported an 80% year-on-year increase in net profit, rising from AED 780 million to AED 1.406 billion. Revenue surged by 82% to AED 14.44 billion, while total assets grew 27% to AED 16.5 billion. Earnings per share also saw an 82% increase.

In Q4 2024, NMDC Energy recorded a net profit of AED 502 million, a 35% rise compared to the same period in 2023, with revenues reaching AED 4.7 billion, marking a 57% increase.

Dividend Proposal and Leadership Commentary

Following its strong performance, the company’s board proposed a cash dividend of AED 700 million (14 fils per share) for 2024, subject to shareholder approval at the upcoming General Assembly Meeting.

Chairman Mohamed Hamad Almehairi highlighted NMDC Energy’s strides in operational and geographical expansion, reinforcing its role in the UAE’s economic and sustainability agenda. CEO Eng. Ahmed Salem Al Dhaheri credited the company’s growth to its strategic vision, technological advancements, and global project execution.

Strategic Projects and International Expansion

NMDC Energy strengthened its global presence through key EPC projects, including Hail & Ghasha, Estidama, and Ruwais LNG. A significant milestone was the US$1.14 billion EPC contract awarded by Taiwan Power Company (Taipower), further establishing the company’s expertise in sustainable energy solutions. The firm’s project backlog stood at AED 50.4 billion as of December 31, 2024.

IPO Success and Market Expansion

NMDC Energy debuted on the Abu Dhabi Securities Exchange (ADX) on September 11, 2024, following an oversubscribed IPO. The offering of 1.15 billion shares attracted strong interest from retail and institutional investors, enhancing the company’s market position.

Investments and Sustainability Initiatives

The company invested AED 200 million to modernize its Mussafah yard, focusing on efficiency and carbon footprint reduction. Additionally, it inaugurated a state-of-the-art fabrication yard in Ras Al Khair, Saudi Arabia, to strengthen its regional presence.

Aligned with the UAE’s Net Zero strategy, NMDC Energy continues to advance sustainability through renewable energy and carbon capture initiatives. Recognized as an Industry 4.0 Digital Leader, the company remains committed to innovation, strategic partnerships, and long-term growth as it moves into 2025.