NMDC Energy, a majority-owned subsidiary of NMDC Group, has reported strong third-quarter financial results in its first earnings announcement since its recent initial public offering (IPO).
The company delivered a 145 percent year-on-year increase in net profit from AED164 million ($44.65 million) to AED402 million ($109.45 million), driven by strong operational performance and strategic expansion into new projects. Revenues soared to AED3.975 billion, up 110 percent from Q3 of 2023.
“NMDC Energy works at the very heart of the nation’s economic development by securing energy, powering businesses, advancing sustainability, and enabling people from diverse walks of life. Our impressive financial performance for this quarter tells a story of resilience, discipline, and ambition, while our landmark IPO signaled our intent for the future. In the near term, we will be focused on working closely with our partners to create new opportunities,” stated Mohamed Hamad Almehairi, chairman of NMDC Energy.
Revenues surge to $2.66 billion this year
NMDC Energy achieved record growth rates in net profits in the nine months ending September 30, 2024, reporting a net profit of AED904 million ($246.12 million), reflecting a 122 percent increase compared to the same period of 2023. Revenue in the first nine months of 2024 stood at a record high of AED9.78 billion ($2.66 billion), up 96 percent from the corresponding period in 2023.
The company’s focus on strategic projects including Hail & Ghasha, Estidama, MERAM, Ruwais LNG, Lower Zakum, and Aramco CRPOs, contributed to its revenue growth over the first nine months of the year.
NMDC Energy began trading on the Abu Dhabi Securities Exchange (ADX) on September 11 following an IPO that saw an oversubscription of 31.3 times.
“NMDC Energy continues to drive our business to be a true pioneer for sustainability in the UAE’s energy sector. Our successful listing this quarter is a firm reflection of where we are headed as a company, laying the ground for further success,” added Ahmed Salem Al Dhaheri, CEO of NMDC Energy.
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$254.6 million contract to propel growth
NMDC Energy is setting its sights on future growth. The company is deepening its presence in key markets, strengthening strategic partnerships, and advancing its strategic objectives. Moreover, it is working on embedding sustainable practices across its businesses. Recently, ADNOC Gas also awarded NMDC Energy a $254.6 million contract for the next phase of the Sales Gas Pipeline Network Enhancement Program, Estidama.
In August 2024, NMDC Energy received the Industry 4.0 Digital Leader certificate from the Ministry of Industry and Advanced Technology (MoIAT). This certificate recognized the company’s use of state-of-the-art technologies to enhance operational efficiency, promote sustainable growth, and increase competitiveness within the UAE’s industrial sector.
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