Abu Dhabi-based NMDC Group recently announced its financial results for 2024, achieving a 57 percent annual growth in its revenues to reach AED26.3 billion ($7.16 billion), with net profit after tax climbing by 44 percent annually to AED3.1 billion ($843.9 million) compared to 2023. The group also revealed that its earnings per share rose by 36 percent and total assets grew 59 percent to AED33.2 billion.
In the fourth quarter of 2024, NMDC Group grew its net profits by 43 percent annually to AED916 million and its revenue by 37 percent to AED7.7 billion.
“Our results show full well the relentless pace of our growth momentum as well as our ability to capture local, regional and global opportunities arising from the dynamic industries that we serve,” stated Eng. Yasser Zaghloul, CEO of NMDC Group.
NMDC Energy IPO generates AED2.8 billion in cash proceeds
In 2024, NMDC Group listed 23 percent of NMDC Energy through an IPO that generated AED2.8 billion in cash proceeds; of which the group returned AED2 billion to its shareholders through a special interim dividend distribution.
Following the group’s outstanding performance during the year, the board of directors proposed a final cash dividend of AED701 million for the financial year ending December 31, 2024, representing a cash dividend per share of 83 fils, which is subject to shareholders’ approval at the group’s upcoming General Assembly Meeting. This would take the Group’s dividend yield to 12.9 percent and dividend payout ratio to 91 percent.
“2024 was a landmark year for NMDC Group where we delivered a series of historic initiatives that have brought depth and diversification to our business and created immense value for our shareholders. As a continuously evolving integrated energy and marine provider, our growth mindset and leading capabilities position us to leverage new opportunities in 2025 and beyond,” stated Mohamed Thani Murshed Ghannam Al Rumaithi, chairman of the board of directors of NMDC Group.
NMDC LTS launched to propel regional growth
NMDC Group’s robust financial performance was underpinned by increased global presence both vertically and horizontally. The group expanded further into East and Southeast Asia with a preliminary agreement for large-scale coastal protection projects with Vietnam’s Vingroup, in addition to being awarded a large EPC contract for a subsea pipeline in Taiwan.
“What’s been impressive is that our growth has been horizontal and vertical, bringing short-term impact as well as long-term value for our stakeholders with benefits felt across the energy and marine landscape,” added Zaghloul.
2024 also marked the expansion of the NMDC family, as the group launched a new entity, NMDC LTS, to focus on the regional demand for logistics and services. This was closely followed by the strategic announcement of the acquisition of a controlling stake in Emdad LLC, marking NMDC Group’s first entry into oilfield services.
“As we look ahead, we will continue to explore diversification strategies aimed at advancing high-growth opportunities to ensure NMDC Group remains a leader in an ever-evolving landscape,” added Zaghloul.
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AI-powered initiatives to enhance efficiency
Alongside its growth activities, NMDC Group has worked hard to implement several organizational initiatives to future-proof its business. The group has introduced AI-powered initiatives throughout its operations to enhance safety and efficiency, as well as boost environmental performance.
In August 2024, NMDC Energy was recognized and certified as an Industry 4.0 Digital Leader by the Ministry of Industry and Advanced Technology (MoIAT). This 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.
In 2024, NMDC Group received an AA (Leader) ESG provisional rating from MSCI, one of the highest received within the UAE’s Construction & Engineering sector, in recognition of its efforts in sustainability. NMDC Group also reiterated its commitment to supporting the UAE’s Net Zero ambitions by investing in renewable energy, carbon capture and innovative solutions designed to accelerate decarbonization.
