NMDC Group delivers another set of exceptional results for 2024
NMDC Group, a global leader in engineering, procurement, construction, and marine dredging (ADX: NMDC), has announced its full year financial results for 2024, achieving an exceptional 57% Y-o-Y growth in its revenues to reach AED 26.3 billion, with net profit after tax climbing by 44% Y-o-Y to AED 3.1 billion compared to 2023. Earnings per share rose by 36% and total assets stood at AED 33.2 billion, up by 59% compared to the end of 2023.
Furthermore, NMDC Group grew its net profits in 4Q24, reporting a net profit of AED 916 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.
During 2024, 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.
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 services.
His Excellency Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of the Board of Directors of NMDC Group, 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.”
Eng. Yasser Zaghloul, CEO of NMDC Group, stated: “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. 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. We would like to express our gratitude to the UAE’s leadership for their wise guidance and the remarkable growth that the UAE is witnessing, and for our shareholders and partners for their continual trust in us. As we look ahead, we will continue explore diversification strategies aimed at advancing high-growth opportunities to ensure NMDC Group remains leader in an ever-evolving landscape.”
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. 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.
Last Updated on 3 hours by News Desk 1
