NMDC Group posts net profit of Dh2.2 billion for first nine months

NMDC Group on Sunday reported a 68 per cent growth in revenues for the nine-month period ending 30 September 2024, and a 45 per cent surge in net profits compared to the same period last year.

The performance was underpinned by a healthy project pipeline, strategic operational expansion across the Group’s divisions, as well as NMDC Energy’s successful initial public offering (IPO).

During the nine-month period ending 30 September 2024, NMDC Group’s revenues rose to Dh18.518 billion, up from Dh11.039 billion in the same period in 2023. Net profits rose to Dh1.513 billion compared to Dh2.192 billion for the same period in 2023.

The group achieved strong growth rates in net profits for the third quarter of 2024, reporting a net profit of Dh731 million, reflecting a 16 per cent increase compared to the same period of 2023. The revenue for Q3 2024 stands at Dh6.392 billion, up 50 per cent from the corresponding period in 2023.

Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of the Board of Directors of NMDC Group, said: “NMDC Group plays a pivotal role in powering dynamic sectors across the UAE, and our impressive financial performance not only reflects the strength of our business but also health of the UAE economy. This has been an important quarter operationally, with the delivery of multiple strategic initiatives culminating in the successful listing of NMDC Energy. These activities show that our forward-focused business is primed to unlock new possibilities and drive further value for our partners.”

Yasser Zaghloul, CEO of NMDC Group, stated: “Our results highlight NMDC Group’s sustained momentum and ability to capitalize on market shifts, both regionally and globally. By leveraging our integrated capabilities and strategic foresight, we are creating value not just for today, but for the future of the industries we serve. We will continue to branch out—both vertically and horizontally—through diversification strategies aimed at maximizing added value and driving sustainable company growth.”

He further noted: “Looking ahead, we are committed to refining our financial metrics, driving operational excellence, and expanding our strategic investments, ensuring NMDC Group’s continued leadership and resilience in an ever-evolving landscape.”

As NMDC Group continues to move at pace, it is deepening its presence in key markets, advancing its strategic objectives, and unlocking value for partners and shareholders. In September 2024, NMDC Group completed the IPO of NMDC Energy, which was oversubscribed 31.3 times.