Strong operational performance and strategic expansion drive 145% year-on-year profit increase, underscoring the company’s growth trajectory in the UAE energy sector
NMDC Energy, a majority-owned subsidiary of NMDC Group, has announced impressive third-quarter financial results, marking its first earnings report since the recent initial public offering (IPO). The company achieved a remarkable 145% increase in net profit for the three months ending September 30, 2024, soaring from Dh164 million to Dh402 million. This surge is attributed to strong operational performance and strategic expansions into new projects.
Revenue for the quarter reached Dh3.975 billion, reflecting a substantial 110% increase compared to the same period in 2023. Over the first nine months of 2024, NMDC Energy reported a net profit of Dh904 million, a 122% rise year-on-year, with total revenues reaching an all-time high of Dh9.78 billion, up 96% from the previous year.
Trading on the Abu Dhabi Securities Exchange (ADX) commenced on September 11, 2024, following an IPO that was oversubscribed 31.3 times, signaling strong investor confidence in the company’s future.
Leadership Insights and Future Directions
Mohamed Hamad Almehairi, Chairman of NMDC Energy, emphasized the company’s role in the UAE’s economic development, stating, “Our impressive financial performance for this quarter tells a story of resilience, discipline, and ambition.” He expressed confidence in the company’s ability to create new opportunities through strategic partnerships.
Eng. Ahmed Salem Al Dhaheri, CEO of NMDC Energy, highlighted the significance of the solid results since their listing. He attributed the revenue growth to strategic projects such as Hail & Ghasha, Estidama, and Ruwais LNG, and expressed pride in the company’s recognition as an Industry 4.0 Digital Leader by the Ministry of Industry and Advanced Technology (MoIAT). This certification reflects NMDC Energy’s commitment to enhancing operational efficiency and promoting sustainable growth.
Looking Ahead
With an eye on future growth, NMDC Energy is focused on deepening its presence in key markets and advancing its strategic objectives. 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.
As NMDC Energy continues to pave the way for sustainability and innovation in the UAE’s energy sector, its recent financial successes and strategic initiatives position it well for sustained growth and value creation for shareholders.
