NMDC Energy, a majority-owned subsidiary of NMDC Group, recently reported exceptional financial results for 2024, concluding a historic year marked by strategic international expansion, a healthy project pipeline and the successful completion of its Initial Public Offering (IPO).
NMDC Energy achieved an 80 percent annual increase in net profit from AED780 million to AED1.406 billion ($382.8 million), driven by strong operational performance and strategic expansion into new projects both locally and internationally.
“Throughout 2024, NMDC Energy embarked on several ground-breaking initiatives to ensure the business will be a leader in the energy sector of the future. Our impressive financial performance illustrates the significant advances we have made operationally and geographically to bring meaningful value to our stakeholders,” stated Mohamed Hamad Almehairi, chairman of NMDC Energy.
Revenues soar 82 percent
NMDC Energy’s revenues also soared to AED14.44 billion, up 82 percent annually while earnings per share rose a remarkable 82 percent, and total assets amounted to AED16.5 billion, up by 27 percent.
The company achieved record growth in its net profits for Q4 2024, reporting a net profit of AED502 million, reflecting a 35 percent increase compared to the same period of 2023. Furthermore, Q4 2024 revenues came at an all-time record high of AED4.7 billion, up 57 percent from the corresponding period in 2023.
Following the company’s stellar performance during the year, the board of directors at NMDC Energy has proposed a total cash dividend of AED700 million for the financial year ended December 31, 2024, representing a cash dividend per share of 14 fils. The 50 percent dividend pay-out is subject to shareholders’ approval at the company’s General Assembly Meeting.
“Working at the very heart of the nation’s economic development, we will continue to collaborate with our partners, to advance sustainability and to create new value accretive opportunities that will enable businesses and individuals to thrive into 2025 and beyond,” added Almehairi.
$1.14 billion project propels growth
NMDC Energy maintained its leadership role in driving key EPC projects, accelerating innovation and achieving significant progress. The company has been strategically focused on major projects including Hail & Ghasha, Estidama, MERAM, Ruwais LNG, Lower Zakum and Aramco CRPOs.
Looking towards East Asia, NMDC Energy was awarded a prestigious EPC contract by Taipower for pipeline installation, shore approach works and dredging for the Tung-Hsiao Power Plant 2nd Stage Renewal Project. The $1.14 billion project involves the design, construction and installation of 111 kilometers of a linear subsea pipeline, stretching between Taichung and Tung-Hsiao on Taiwan’s west coast.
“As we look ahead into 2025, we continue to place sustainability, strategic international expansion and operational efficiency at the heart of NMDC Energy’s winning formula for the energy business. The momentum created by our recent initiatives and strong financial results has set the stage for us to strengthen our core market and to unlock future growth and value creation both nationally and globally,” stated Ahmed Salem Al Dhaheri, CEO of NMDC Energy.
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Landmark listingÂ
From September 11, NMDC Energy began trading on the Abu Dhabi Securities Exchange (ADX) following an IPO that was oversubscribed by 31.3 times. The offering of 1.15 billion shares in NMDC Energy was made available to eligible investors at AED2.8 per share.
NMDC Energy’s listing served as an exceptional achievement that will define the pace for the sector’s engineering, procurement and construction business in Abu Dhabi and beyond.
NMDC Energy is committed to supporting local economies within the geographies it operates in. Locally, the company is reinjecting around AED17 billion back into the economy by enhancing opportunities for UAE-based small and medium businesses and prioritizing local resources and suppliers.
In Saudi Arabia, NMDC Energy continued to reinject billions of dollars into the Saudi economy and industry, to drive positive economic impact in Saudi Arabia, leading to NMDC Energy’s current In-Kingdom Total Value Add (iktva) score of 39 percent in 2025.
Saudi Arabia now accounts for around 40 percent of NMDC Energy’s total revenue, reflecting the depth of the organization’s activities in the country. The company also plans to continue its support through localization efforts including the Ras Al Khair yard, and developing its capabilities and operations, in order to raise its iktva score to 51 percent by 2028.
