NMDC Group, Abu Dhabi’s leading engineering, procurement, construction and marine dredging firm, has received approval from the Securities and Commodities Authority and the Abu Dhabi Securities Exchange (ADX) to proceed with an initial public offering (IPO) of a portion of its NMDC Energy shares.
The group seeks to offer 1.150 billion shares at AED2.8 per share. The subscription period will open on Friday, August 30, 2024, for individual investors in the UAE and will remain open until September 4, 2024, for qualified and professional investors.
Backed by Alpha Dhabi Holding, NMDC Group has a strong track record of delivering major projects with innovative and cost-effective solutions. Therefore, the NMDC Energy IPO presents an attractive opportunity for investors to engage in the company’s promising growth trajectory.
NMDC Group’s financial performance
In its latest financial results for the first half of 2024, NMDC Group reported a 79 percent increase in revenue, reaching around AED12.126 billion, compared to AED6.765 billion in the first half of 2023. The group’s net profits rose by 66 percent to AED1.461 billion, up from AED881 million during the same period last year.
In addition, its asset value grew significantly, reaching over AED28.5 billion during the first half of 2024, up from AED20.847 billion at the end of 2023, an increase of AED7.654 billion.
NMDC Group plays a vital role in advancing the UAE’s vision of a modern, progressive landscape and boosting the local economy. The group’s extensive expertise enhances infrastructure across the region, with a strong commitment to sustainability and environmental conservation.
Read | UAE: $9.52 billion surge in AUM by portfolio management companies, investment funds
NMDC Energy’s international portfolio
NMDC Energy, a subsidiary of NMDC Group, provides integrated solutions in the energy sector, including engineering, procurement and construction services. The company operates modern manufacturing facilities in Abu Dhabi, covering 1.3 million square meters.
As of June 30, 2024, NMDC Energy’s backlog reached a value of approximately AED54 billion, spanning diverse sectors and regions. The company has successfully executed over 1,200 strategic projects, including the construction of more than 1,360 facilities. Moreover, its portfolio includes the installation of approximately 8,000 kilometers of onshore and offshore pipelines and 2,000 kilometers of submarine cables.
With over 50 years of global experience, NMDC Energy has a diverse international portfolio of projects with a strong presence in the UAE, Saudi Arabia, Kuwait, India and Taiwan. To further expand its capabilities, the company is developing a new 400,000-square-meter manufacturing facility at Ras Al Khair Port in Saudi Arabia.
For more news on markets, click here.
