Today's Edition
ABU DHABI (ALETIHAD)
NMDC Group, a global leader in engineering, procurement, construction and marine dredging, has announced its full year financial results for 2024, achieving an exceptional 57% year-on-year (YoY) growth in its revenues to reach Dh26.3 billion, with net profit after tax climbing by 44% YoY to Dh3.1 billion compared to 2023. Earnings per share rose by 36% and total assets stood at Dh33.2 billion, up by 59% compared to the end of 2023.
Furthermore, NMDC Group grew its net profits in 4Q24, reporting a net profit of Dh916 million, reflecting a 43% increase compared to the same period of 2023. In addition, 4Q24 revenue increased to Dh7.7 billion, up 37% from the corresponding period in 2023.
During 2024, NMDC Group listed 23% of NMDC Energy through an IPO which generated Dh2.8 billion of cash proceeds; of which the Group returned Dh2 billion to its shareholders through a special interim dividend. Moreover, following the Group’s outstanding performance during the year, the board of directors proposed a final cash dividend of Dh701 million for 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%.
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.”
