NMDC Group Achieves AED 2.2 Billion Net Profit With 68 Percent Revenue Growth In 2024

NMDC Group, a prominent entity in engineering and marine dredging, has revealed its financial outcomes for the nine months ending 30th September 2024. The company reported a remarkable 68% increase in revenues and a 45% rise in net profits compared to the same timeframe last year. This growth was driven by a robust project pipeline, strategic operational expansion, and NMDC Energy's successful IPO.

During this period, NMDC Group's revenues soared to AED 18.518 billion, marking a significant jump from AED 11.039 billion in 2023. Net profits also experienced substantial growth, climbing from AED 1.513 billion to AED 2.192 billion. This increase underscores the company's strong performance and strategic expansion into new ventures.

The third quarter of 2024 saw NMDC Group achieving notable growth in net profits, reaching AED 731 million—a 16% increase compared to Q3 of the previous year. Revenue for this quarter was AED 6.392 billion, reflecting a 50% rise from the corresponding period in 2023.

Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group's Board of Directors, stated that the company's financial success highlights both its business strength and the UAE economy's vitality. He noted that recent strategic initiatives have been crucial, including NMDC Energy's listing, which positions the company to explore new opportunities and enhance value for partners.

Yasser Zaghloul, CEO of NMDC Group, emphasized that their results demonstrate sustained momentum and an ability to adapt to market changes globally and regionally. By leveraging integrated capabilities and strategic foresight, they aim to create lasting value for industries served today and in the future.

Future Strategic Directions

Zaghloul further mentioned their commitment to refining financial metrics and driving operational excellence while expanding strategic investments. These efforts are intended to ensure NMDC Group's continued leadership and resilience amidst evolving market conditions.

The company's focus remains on diversification strategies aimed at maximizing added value and fostering sustainable growth across various sectors it operates within.

With inputs from WAM