NMDC Group achieves net profit of AED 2.2 bn in first 9 months of 2024

NMDC Group, a global leader in engineering, procurement, construction, and marine dredging, has announced its financial results for the nine-month period ending 30th September 2024, reporting an impressive 68 per cent growth in revenues and a 45 per cent surge in net profits compared to the same period last year.

The strong performance for the nine-month period ending September 30 2024 was underpinned by a healthy project pipeline, strategic operational expansion across the Group's divisions, as well as NMDC Energy's successful Initial Public Offering (IPO).

During the nine-month period ending 30 September 2024, NMDC Group's revenues rose to AED 18.518 billion, up 68 per cent from AED 11.039 billion in the same period in 2023.

Net profits also saw a marked rise, with a 45 per cent increase from AED 1.513 billion in the same period in 2023, to AED 2.192 billion, underlining robust performance and strategic expansion into new projects.

The Group achieved strong growth rates in net profits for the third quarter of 2024, reporting a net profit of AED 731 million, reflecting a 16 per cent increase compared to the same period of 2023. The revenue for Q3 2024 stands at AED 6.392 billion, up 50 per cent from the corresponding period in 2023.

Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of the Board of Directors of NMDC Group, said, "NMDC Group plays a pivotal role in powering dynamic sectors across the UAE, and our impressive financial performance not only reflects the strength of our business but also health of the UAE economy. This has been an important quarter operationally, with the delivery of multiple strategic initiatives culminating in the successful listing of NMDC Energy. These activities show that our forward-focused business is primed to unlock new possibilities and drive further value for our partners."

Yasser Zaghloul, CEO of NMDC Group, stated, "Our results highlight NMDC Group's sustained momentum and ability to capitalise on market shifts, both regionally and globally. By leveraging our integrated capabilities and strategic foresight, we are creating value not just for today, but for the future of the industries we serve. We will continue to branch out - both vertically and horizontally - through diversification strategies aimed at maximising added value and driving sustainable company growth."

Zaghloul further noted, "Looking ahead, we are committed to refining our financial metrics, driving operational excellence, and expanding our strategic investments, ensuring NMDC Group's continued leadership and resilience in an ever-evolving landscape.