NMDC Energy Achieves Listing On FADXI15 Index For Enhanced Islamic Finance Compliance

NMDC Energy PJSC (ADX: NMDCENR), a subsidiary of NMDC Group PJSC, has joined the FADXI15, a group of 15 listed entities forming a Shari'ah-compliant index. This initiative, launched by FTSE Russell and Abu Dhabi Securities Exchange (ADX), aims to strengthen ADX's position in the GCC region and set new benchmarks for the growing market.

The company reported significant financial growth for the three months ending 30th September 2024. Net profit increased by 145 percent year-on-year, reaching AED402 million from AED164 million. Revenues also rose sharply to AED3.975 billion, marking a 110 percent increase compared to the same period in 2023.

For the nine-month period ending on 30th September 2024, NMDC Energy achieved record net profits of AED904 million. This represents a 122 percent rise from the previous year. The company's revenue for this period reached an unprecedented AED9.78 billion, up 96 percent from the corresponding period in 2023.

Ahmed Salem Al Dhaheri, CEO of NMDC Energy, highlighted the company's achievements: "NMDC Energy’s historic listing this year has been a profoundly significant development for the region’s growing and dynamic energy industry. On the back of our successful IPO, we also went on to achieve record profits, delivering a 145 percent year-on-year increase in net profit for the three months ending 30th September, 2024."

Shari'ah-Compliant Market Expansion

The ADX boasts over AED2 trillion (US$549 billion) in Shari'ah-compliant financial instruments. It is committed to enhancing its capital market by introducing innovative Shari'ah-compliant products. This strategy aims to meet diverse investor needs and broaden its financial offerings.

The inclusion of NMDC Energy in this index marks another milestone for Abu Dhabi entities. It supports Islamic finance growth and improves accessibility for global investors interested in Shari'ah-compliant opportunities.

With inputs from WAM