NMDC achieves record growth in 2024
Financial NMDC achieves record growth in 2024
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Revenues in excess of US $7bn and a 43% increase in profits hallmarked an exceptional year for the Abu Dhabi conglomerate
NMDC Group said that it has delivered solid results for FY 2024, achieving an exceptional 57% year-on-year growth, with its revenues hitting US $7.2bn.
Announcing its full year financial results for 2024, NMDC Group said its net profit after tax rose 44% compared to 2023. Earnings per share rose by 36% and up by 59% compared to year-end 2023. 2024 was marked by the expansion of the NMDC family, as the Group launched a new entity, NMDC LTS, to focus on the regional demand for logistics and services.
This was closely followed by the strategic announcement of the acquisition of a controlling stake in Emdad, marking NMDC Group's first entry into oilfield services. Furthermore, NMDC Group grew its net profits in 4Q24, reflecting a 43% increase compared to the same period in 2023.
On the solid performance, Chairman Mohamed Thani Murshed Ghannam Al Rumaithi 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. As a continuously evolving integrated energy and marine provider, our growth mindset and leading capabilities position us to leverage new opportunities in 2025 and beyond. We look forward to continuing to support our leadership's ambitions in driving meaningful economic growth and diversification within our sectors.'
'What's been impressive is that our growth has been horizontal and vertical, bringing short term impact as well as long term value for our stakeholders with benefits felt across the energy and marine landscape. As we look ahead, we will continue to explore diversification strategies aimed at advancing high-growth opportunities to ensure NMDC Group remains leader in an ever-evolving landscape,' Al Rumaithi commented.
Moreover, following the group's performance during the year, the board of directors proposed a final cash dividend for the financial year ending 31 December 2024, representing a cash dividend per share of 83 fils. This would take the group's dividend yield to 12.9% and dividend payout ratio to 91% The robust financial performance was underpinned by increased global presence both vertically and horizontally, said a statement from the firm.
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