NMDC Group's Revenue Soars By 79% In First Half Of 2024, Reaching AED12.126 Billion

NMDC Group, a leader in engineering, procurement, construction, and marine dredging, has announced its financial results for the first half of 2024. The Group's revenues soared by 79%, reaching AED12.126 billion, compared to AED6.765 billion during the same period last year.

The Group's net profits for H1 2024 also saw a significant rise of 66%, amounting to AED1.461 billion, up from AED881 million in the previous year. Gross profits surged by 109% to AED1.731 billion, compared to AED829 million previously.

NMDC Group's backlog remains robust at AED72.6 billion, which is nearly six times their annualised first-half revenue. This demonstrates the company's solid market presence and strategic project growth.

The value of NMDC Group's assets also increased significantly, reaching AED28.501 billion as of H1 2024. This marks a rise of AED7.654 billion since Q4 2023.

In Q2 2024, NMDC Group reported a remarkable 91% increase in revenue, totalling AED6.784 billion compared to AED3.556 billion in Q2 2023. Net profits for the quarter rose by 42%, reaching AED820 million, up from AED578 million in the same period last year.

Gross profits for Q2 2024 also saw an impressive increase of 84%, amounting to AED929 million compared to AED506 million in Q2 2023.

Leadership and Strategic Execution

Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group, expressed his pride in the company's achievements: "I am extraordinarily proud of what we have achieved at NMDC Group. Our outstanding financial performance is a testament to our relentless pursuit of excellence and our strategic execution."

He added that consistently exceeding goals has strengthened their industry leadership and highlighted their commitment to sustainable development and local talent cultivation. These efforts align closely with the broader objectives of the UAE's economic agenda.

The financial results reflect NMDC Group's strong growth trajectory and strategic focus on key projects, ensuring its continued success in the market.

With inputs from WAM