NMDC Group Achieves AED 3.1 Billion Net Profit For Financial Year 2024

NMDC Group has reported a significant financial performance for 2024. The company achieved a remarkable 57% year-on-year increase in revenue, reaching AED 26.3 billion. Net profit after tax rose by 44% to AED 3.1 billion compared to the previous year. Earnings per share increased by 36%, and total assets grew by 59% to AED 33.2 billion.

In the fourth quarter of 2024, NMDC Group's net profit reached AED 916 million, marking a 43% rise from the same period in 2023. Revenue for this quarter was AED 7.7 billion, up by 37%. This growth reflects the company's robust financial health and strategic initiatives.

The company listed 23% of NMDC Energy through an IPO in 2024, raising AED 2.8 billion. From this, AED 2 billion was returned to shareholders via a special interim dividend. Additionally, the board proposed a final cash dividend of AED701 million for the year ending December 31, 2024.

NMDC Group expanded its global presence significantly in 2024. It entered East and Southeast Asia with agreements for coastal protection projects in Vietnam and secured an EPC contract for a subsea pipeline in Taiwan. These moves highlight its strategic growth in new markets.

The group also launched NMDC LTS to address regional logistics demand and acquired a controlling stake in Emdad LLC, marking its entry into oilfield services. These initiatives reflect NMDC's commitment to diversifying its business operations.

Leadership Insights

Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group's Board of Directors, stated: "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."

Eng. Yasser Zaghloul, CEO of NMDC Group, added: "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."

Focus on Sustainability

In addition to financial achievements, NMDC Group focused on sustainability by implementing AI-powered initiatives to enhance safety and efficiency while improving environmental performance. The group received an AA ESG provisional rating from MSCI in recognition of these efforts.

NMDC's strategic moves and robust financial performance position it well for future opportunities in energy and marine sectors. The company's focus on diversification and sustainability ensures it remains competitive in an evolving market landscape.

With inputs from WAM