NMDC Energy, a majority-owned subsidiary of NMDC Group, has released its strong third-quarter financial results, marking its first earnings announcement since its recent initial public offering (IPO).
For the three months ending September 30, 2024, NMDC Energy achieved a remarkable 145% year-on-year increase in net profit, soaring from Dh164 million to Dh402 million. This growth was propelled by strong operational performance and the company’s strategic expansion into new projects. Revenues also surged to Dh3.975 billion, a 110% increase compared to the same period in 2023. Over the nine-month period ending September 30, 2024, NMDC Energy reported record net profits of Dh904 million, reflecting a 122% increase compared to the prior year. The revenue for the first nine months of 2024 reached an all-time high of Dh9.78 billion, up 96% from the corresponding period in 2023.
Trading on the Abu Dhabi Securities Exchange (ADX) commenced for NMDC Energy on September 11, 2024, following an IPO that was oversubscribed by 31.3 times. Mohamed Hamad Almehairi, Chairman of NMDC Energy, stated: “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, expressed satisfaction with the results, stating: “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 increasing 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.”
Looking ahead, NMDC Energy is focused on future growth, aiming to deepen its presence in key markets, strengthen strategic partnerships, and embed sustainable practices throughout its operations. Recently, 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.
In August 2024, NMDC Energy was recognized and certified as an Industry 4.0 Digital Leader by the Ministry of Industry and Advanced Technology (MoIAT), acknowledging the company’s use of cutting-edge technologies to enhance operational efficiency, promote sustainable growth, and boost competitiveness within the UAE’s industrial sector.
