With a 68% revenue surge and successful IPO of NMDC Energy, the group underscores its pivotal role in the UAE’s economic landscape while rewarding shareholders with a substantial cash dividend.
NMDC Group has announced impressive financial results for the nine-month period ending September 30, 2024, reporting a net profit of Dh2.2 billion, representing a remarkable 45% increase compared to the same period last year. This robust performance was accompanied by a substantial revenue growth of 68%, with figures rising to Dh18.518 billion from Dh11.039 billion in 2023.
The group’s successful financial trajectory is attributed to a healthy project pipeline, strategic operational expansions across its divisions, and the successful initial public offering (IPO) of NMDC Energy. In Q3 2024 alone, NMDC Group achieved a net profit of Dh731 million, reflecting a 16% increase year-on-year, with quarterly revenue reaching Dh6.392 billion, a 50% rise compared to Q3 2023.
Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of the Board of Directors of NMDC Group, commented, “NMDC Group plays a pivotal role in powering dynamic sectors across the UAE. Our impressive financial performance not only reflects the strength of our business but also the health of the UAE economy. This quarter has been significant operationally, highlighted by multiple strategic initiatives, including the successful listing of NMDC Energy, showcasing our forward-focused business model primed for unlocking new possibilities and driving further value for our partners.”
In recognition of its strong performance, NMDC Group has declared a special cash dividend of Dh2 billion, equating to Dh2.37 per share, further demonstrating its commitment to returning value to its shareholders.
Yasser Zaghloul, CEO of NMDC Group, elaborated on the group’s future strategies, stating, “Our results highlight NMDC Group’s sustained momentum and ability to capitalize on market shifts, both regionally and globally. We are creating value not just for today, but for the future of the industries we serve. We remain committed to refining our financial metrics, driving operational excellence, and expanding our strategic investments to ensure NMDC Group’s continued leadership and resilience in an ever-evolving landscape.”
As NMDC Group continues to deepen its presence in key markets and advance its strategic objectives, the company remains focused on unlocking value for both partners and shareholders. The recent IPO of NMDC Energy, which was oversubscribed by 31.3 times, stands as a testament to the group’s dynamic growth and investor confidence.
In a rapidly changing economic landscape, NMDC Group’s solid performance underscores its pivotal role in shaping the future of the UAE’s economy while enhancing shareholder value through strategic initiatives and robust operational capabilities.
