NMDC Energy revenues up 82% for the year; net profit zooms 80%
NMDC Energy has delivered stellar financial numbers in its first full-year reported earnings since becoming a public-listed company in September 2024.
On the back of strong operational performance and strategic expansions locally and internationally, the Abu Dhabi company achieved an 80 per cent year-on-year increase in net profit for the financial year, upping its net profit from AED780 million ($212.4 million) to AED1.406 billion ($380 million).
Revenues soared to AED14.44 billion ($3.93 billion), up 82 per cent year-on-year from last year's AED7.94 billion ($2.16 billion). Earnings per share rose 82 per cent as well, and total assets grew to AED16.5 billion ($4.5 billion), up by 27 per cent.
For Q4 2024, net profit was AED502 million ($136.7 million), reflecting a 35 per cent increase compared to the same period of 2023. Revenues for Q4 2024 hit an all-time record high of AED4.7 billion ($1.28 billion), up 57 per cent.
Ahmed Salem Al Dhaheri, CEO of NMDC Energy, commented: '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.
'This is clearly reflected in our revenue and net profit growth of 82 per cent year-on-year and 80 per cent year-on-year, respectively. We are also proud of the milestone projects that we have been working on globally, including our recently inaugurated advanced fabrication yard in KSA and our prestigious EPC contract awarded by Taiwan Power Company (Taipower).
'As we look ahead into 2025, we continue to place sustainability, strategic international expansion and operational efficiency at the heart of NMDC Energy's winning formula for the energy business. The momentum created by our recent initiatives and strong financial results has set the stage for us to strengthen our core market and to unlock future growth.'
The board of directors has proposed a total cash dividend of AED700 million ($190.6 million) for the financial year ended December 31, 2024, representing a cash dividend per share of 14 fils ($0.38).
Mohamed Hamad Almehairi, Chairman of NMDC Energy, commented: 'Throughout 2024, NMDC Energy embarked on several ground-breaking initiatives to ensure the business will be a leader in the energy sector of the future.
'Our impressive financial performance illustrates the significant advances we have made operationally and geographically to bring meaningful value to our stakeholders. We are proud to be playing a tangible role in driving the UAE's national ambitions, in addition to actively supporting its focus on sustainability and its economic growth.'
NMDC Energy has been strategically focused on major projects including Hail & Ghasha, Estidama, MERAM, Ruwais LNG, Lower Zakum and Aramco CRPOs. Looking towards East Asia, it was awarded a prestigious EPC contract by Taiwan Power Company (Taipower) for pipeline installation, shore approach works and dredging for the Tung-Hsiao Power Plant 2nd Stage Renewal Project. The $1.14 billion project involves the design, construction and installation of 111 kilometres of linear subsea pipeline at depths ranging from 10 metres to 55 metres, stretching between Taichung and Tung-Hsiao on Taiwan's west coast.
As of December 31, 2024, NMDC Energy has a backlog of projects worth AED50.4 billion ($13.72 billion).
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