Today's Edition
ABU DHABI (ALETIHAD)
NMDC Energy, a majority-owned subsidiary of NMDC Group, has reported exceptional financial results in its 2024 full year earnings announcement, concluding a historic year marked by strategic international expansion, a healthy project pipeline, and the successful completion of its Initial Public Offering (IPO).
NMDC Energy achieved 80% year-on-year (YoY) increase in net profit for 2024, from Dh780 million to Dh1.406 billion, driven by strong operational performance and strategic expansion into new projects both locally and internationally. Revenues soared to Dh14.44 billion, up 82% YoY from 2023. Earnings per share rose a remarkable 82%, and total assets amounted to Dh16.5 billion, up by 27% over 2024.
The company achieved record growth in its net profits for Q4 2024, reporting a net profit of Dh502 million, reflecting a 35% increase compared to the same period of 2023. Furthermore, Q4 2024 revenues came at an all-time record high of Dh4.7 billion, up 57% from the corresponding period in 2023.
Following the company’s stellar performance during the year, the board of directors at NMDC Energy have proposed a total cash dividend of Dh700 million for the 2024 financial year, representing a cash dividend per share of 14 fils. The 50% dividend pay-out is subject to shareholders approval at the company’s General Assembly Meeting.
Mohamed Hamad Almehairi, Chairman of NMDC Energy, said: “Our impressive financial performance illustrates the significant advances we have made operationally and geographically to bring meaningful value to our stakeholders. We will continue to collaborate with our partners, to advance sustainability and to create new value accretive opportunities that will enable businesses and individuals to thrive into 2025 and beyond.”
Eng. Ahmed Salem Al Dhaheri, CEO of NMDC Energy, said: “We are delighted to achieve strong financial results in what has been a landmark year for NMDC Energy. Our exceptional performance stems from our strategic focus, discipline, and bold ambition, where we have introduced cutting-edge technologies, fostered innovation, enhanced efficiency, and embraced AI within our operations.”
