NMDC Group, an integrated energy and marine services and engineering, procurement and construction organisation based in Abu Dhabi, has delivered solid results for FY 2024, achieving an exceptional 57% year-on-year growth in its revenues hitting AED26.3 billion ($7.2 billion).

 

Announcing its full year financial results for 2024, NMDC Group said its net profit after tax rose 44% to AED3.1 billion compared to 2023. Earnings per share rose by 36% and total assets stood at AED33.2 billion, up by 59% compared to the end of 2023.

 

2024 was marked by 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 service

 

Furthermore, NMDC Group grew its net profits in 4Q24, reporting a net profit of AED916 million, reflecting a 43% increase compared to the same period of 2023. 

 

In addition, 4Q24 revenue increased to AED 7.7 billion, up 37% from the corresponding period in 2023, according to a company statement today.

 

Also last year, NMDC Group listed 23% of NMDC Energy through an IPO which generated AED 2.8 billion of cash proceeds; of which the Group returned AED 2 billion to its shareholders through a special interim dividend distribution. 

 

Moreover, 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 31 December 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% and dividend payout ratio to 91%.

 

The robust financial performance was underpinned by increased global presence both vertically and horizontally.

 

NMDC Group expanded further into East & 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.

 

On the solid performance, Chairman Mohamed Thani Murshed Ghannam Al Rumaithi said: "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. We look forward to continuing to support our leadership’s ambitions in driving meaningful economic growth and diversification within our sectors," he stated.

 

CEO Engineer Yasser Zaghloul pointed out that these results show fully well the relentless pace of NMDC's growth momentum as well as its ability to capture local, regional, and global opportunities arising from its dynamic industries. 

 

"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. As we look ahead, we will continue to explore diversification strategies aimed at advancing high-growth opportunities to ensure NMDC Group remains leader in an ever-evolving landscape," noted Zaghloul.

 

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 boosting environmental performance, stated the top official. 

 

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, he added.-TradeArabia News Service