NMDC Energy Reports AED 402 Million Net Profit in Q3 2024 Following Successful IPO
NMDC Energy JCSJ (ADX: NMDCENR), a subsidiary of NMDC Group (ADX: NMDC), has posted a robust net profit of AED 402 million for the third quarter of 2024, marking a 145% year-on-year increase. The company's stellar performance, announced in its first earnings report since its initial public offering (IPO), was driven by strong operational execution and strategic expansion.
Third quarter revenues surged to AED 3.975 billion, up 110% from AED 1.89 billion in Q3 2023. Over the first nine months of 2024, NMDC Energy achieved a record-high net profit of AED 904 million, representing a 122% increase compared to the same period in 2023. Revenues for the nine-month period reached AED 9.78 billion, up 96% year-on-year.
The company’s IPO, which was oversubscribed by 31.3 times, began trading on the Abu Dhabi Securities Exchange (ADX) on 11 September 2024.
Strategic Growth and Future Ambitions
Mohamed Hamad Almehairi, Chairman of NMDC Energy, highlighted the company’s pivotal role in the UAE’s economic development, powering businesses, and driving sustainability. "Our impressive financial performance reflects resilience and ambition, while our IPO signals our intent for the future," Almehairi said. He also emphasized the company's commitment to creating new opportunities with strategic partners.
CEO Eng. Ahmed Salem Al Dhaheri attributed the strong results to the company's strategic focus on key projects, including Hail & Ghasha, Estidama, MERAM, Ruwais LNG, Lower Zakum, and Aramco CRPOs. Al Dhaheri added that NMDC Energy's Industry 4.0 Digital Leader certification from the Ministry of Industry and Advanced Technology (MoIAT) highlights its commitment to operational efficiency and sustainable growth.
Looking ahead, NMDC Energy aims to deepen its presence in key markets and strengthen strategic partnerships. The company was recently awarded a $254.6 million contract by ADNOC Gas for the next phase of the Sales Gas Pipeline Network Enhancement Program (Estidama).
