NMDC Energy JCSJ (ADX: NMDCENR), a majority-owned subsidiary of NMDC Group), in the United Arab Emirates, has reported impressive financial results for the third quarter in its first earnings announcement following its recent initial public offering (IPO). The company achieved a remarkable 145% year-on-year increase in net profit for the three months ending September 30, 2024, rising from AED 164 million to AED 402 million. This growth was fueled by robust operational performance and strategic expansion into new projects. Additionally, revenues surged to AED 3.975 billion, reflecting a 110% increase compared to the same period in 2023.
The company achieved record growth rates in net profits in the nine months ending 30 September 2024, reporting a net profit of AED 904 million, reflecting a 122% increase compared to the same period of 2023. The revenue for the first nine months of 2024 stands at a record high of AED 9.78 billion, up 96% from the corresponding period in 2023.
NMDC Energy began trading on the Abu Dhabi Securities Exchange (ADX) on 11 September 2024 following an IPO that was oversubscribed 31.3 times.
Mohamed Hamad Almehairi, Chairman of NMDC Energy, said: "NMDC Energy works at the very heart of the nation’s economic development by securing energy, powering businesses, advancing sustainability, and enabling people from diverse walks of life. Our impressive financial performance for this quarter tells a story of resilience, discipline, and ambition, while our landmark IPO signaled our intent for the future. In the near term, we will be focused on working closely with our partners to create new opportunities”.
Eng. Ahmed Salem Al Dhaheri, CEO of NMDC Energy, said: “We are pleased to be reporting a solid set of results, marking a key milestone for us since our listing. Our continued focus on strategic projects contributed to our revenue growth over the first nine months of the year, which included Hail & Ghasha, Estidama, MERAM, Ruwais LNG, Lower Zakum, and Aramco CRPOs. We are also proud to have been officially recognized and certified as an Industry 4.0 Digital Leader by the Ministry of Industry and Advanced Technology (MoIAT), reflecting our efforts in enhancing operational efficiency, promoting sustainable growth, and increasing competitiveness within the UAE's industrial sector”.
He added, “NMDC Energy continues to drive our business to be a true pioneer for sustainability in the UAE’s energy sector. Our successful listing this quarter is a firm reflection of where we are headed as a company, laying the ground for further success. We are very well positioned to build on the momentum of our strong third quarter financial performance to deliver further value for our shareholders”.