Latest news with #AED3.7
Mid East Info
29-04-2025
- Business
- Mid East Info
NMDC Energy continues growth momentum into 2025 with robust Q1 financial results
Revenues reached AED 3.7 billion, up 75% year-on-year, reflecting strong execution of projects. Q1 2025 milestones included winning a number of strategic projects for the value of AED 13.9 billion, in addition to the inauguration of its fabrication yard in Saudi Arabia and being awarded a prestigious EPC contract by Tiawan Power Company (Taipower). The company has signed a three-year extension to its LTA with Saudi Aramco with an option for an additional three years, further strengthening its long-term partnership with the leading energy company. Abu Dhabi, UAE: NMDC Energy PJSC (ADX: NMDCENR), a majority-owned subsidiary of NMDC Group (ADX: NMDC), has reported strong financial results for the period ending 31 March 2025, with robust performance defined by healthy project activity and diversified revenue contribution. NMDC Energy achieved 25% year-on-year increase in net profit for the quarter, from AED174 million in Q1 2024 to AED 217 million in Q1 2025; driven by strong operational performance and expansion into new projects both locally and internationally. Revenues climbed to AED3.7 billion, up 75% year-on-year from the corresponding period of 2024. Earnings per share rose a remarkable 25% to AED 0.04, and total assets stood at AED 16.3 billion at the end of March 2025. Total projects awarded during Q1 2025 amounted to AED 13.9 billion. Furthermore, by the end of the quarter, NMDC Energy's backlog stood at AED 56.3 billion, with a healthy pipeline of projects. During Q1'25, NMDC Energy was successfully qualified and included in MSCI small cap. Index (the global provider of equity, fixed income, real estate indices) during their rebalancing event in February 2025; thus resulting in passive funds flow during the period. The inclusion comes post NMDC Energy's listing in September 2024. The first quarter of the year followed a similar growth trajectory as 2024 with NMDC Energy marking several strategic milestones. NMDC Energy inaugurated 400,000 sqm state-of-the-art yard, part of the Ras Al Khair Special Economic Zone, in Saudi Arabia. Going further, NMDC Energy signed a three-year extension for its Long-Term Agreement 'LTA' with Aramco, representing another accomplishment in Saudi Arabia. Moreover, the Company was also awarded a prestigious EPC contract by Taiwan Power Company (Taipower) for pipeline installation for the Tung-Hsiao Power Plant. Mr. Mohamed Hamad Almehairi, Chairman of NMDC Energy, said: 'NMDC Energy delivered the best possible start to 2025, strongly following our landmark performance in 2024 to reinforce our leadership position in the regional energy sector. We've made solid advances across our dynamic business by adding to our healthy pipeline and in deepening our international footprint. At the heart of these activities, our business has continued to play a deep facilitating role in powering economies and in driving forward national ambitions. In parallel, we've also worked collaboratively with our partners in areas such sustainability, job creation, and health and safety, to ensure that we remain a force for good whenever and wherever we operate.' Eng. Ahmed Salem Al Dhaheri, CEO of NMDC Energy, said: 'We are delighted to hit the ground running in 2025, picking up where we left off in 2024, by delivering strong financial performance. While we continue to cement our local execution capabilities, this quarter was marked by strategic milestones on the international front with the inauguration of our advanced yard in Saudi Arabia as well as our deepening presence in East Asia. Our results this quarter reflect years of razor-sharp decision making as well as our bold ambition for the sectors that we operate in. We've also worked hard to place cutting-edge technologies, innovation, and enhanced efficiency, at the forefront of our business. As look ahead, we foresee that the momentum we've created this quarter as well as our success in recent years will pave the way for us to unlock future growth and value creation both nationally and globally.' International Expansion: NMDC inaugurated an advanced fabrication yard in Ras Al Khair, Saudi Arabia. The 400,000 sqm state-of-the-art yard, part of the Ras Al Khair Special Economic Zone, boasts a production capacity of 40,000 tonnes per year and will provide offshore facilities fabrication as well as onshore modularization. The company invested AED 200 million into its Ras Al Khair yard to provide productive, safe and environmentally sound facilities, and it will embed the latest technologies to deliver efficiencies and reduce environmental impact. NMDC Energy has also signed a three-year extension for its Long-Term Agreement 'LTA' with Aramco representing another milestone in the company's recent strategic growth activities in Saudi Arabia. The services provided by NMDC Energy under the LTA cover detailed engineering, material procurement, fabrication, transportation, installation, and pre-commissioning of offshore facilities in connection with projects to be executed within Saudi Arabian territorial waters. In 2016, NMDC Energy signed a previous LTA with Aramco, resulting in NMDC Energy's involvement in multiple projects worth billions of dollars. NMDC Energy maintained its leadership role in driving key projects, accelerating innovation and achieving significant progress that underscores its commitment to excellence. The company was awarded a prestigious EPC contract by Taiwan Power Company (Taipower) for subsea pipeline installation 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. Quality Achievement: NMDC Energy maintained its quality management system certification to ISO 9001 and FANR accreditation. The Ras Al Khair Fabrication Yard recently achieved certification to ISO 9001, and the company has started the process for the subsequent prequalification 'ARAMCO's 9com'. Furthermore, NMDC Energy successfully hosted the ARAMCO 2nd Offshore Project Quality Forum. The event was attended by ARAMCO representatives, major contractors, and equipment suppliers from around the world. Quality personnel from all business units have been certified in the training of 'ASME NQA-1 Awareness' and 'Counterfeit, Fraudulent, and Suspect Items (CFSI)'. As a catalyst of the energy future, NMDC Energy recognizes the near and intermediate steps necessary to ensure that the sector can move in tandem with the realities of the world. The company is committed to forging key partnerships and in partaking in landmark projects in the UAE and beyond, to continue setting the pace and make swift forward steps for the world's energy industry.
Zawya
29-04-2025
- Business
- Zawya
Abu Dhabi's NMDC Energy posts $59mln net profit in Q1
ABU DHABI - NMDC Energy, a majority-owned subsidiary of NMDC Group, has reported strong financial results for the period ending 31st March 2025, with robust performance defined by healthy project activity and diversified revenue contribution. NMDC Energy achieved 25 percent year-on-year increase in net profit for the quarter, from AED174 million in Q1 2024 to AED217 million in Q1 2025; driven by strong operational performance and expansion into new projects both locally and internationally. Revenues climbed to AED3.7 billion, up 75 percent year-on-year from the corresponding period of 2024. Earnings per share rose a remarkable 25 percent to AED0.04, and total assets stood at AED16.3 billion at the end of March 2025. Total projects awarded during Q1 2025 amounted to AED13.9 billion. Furthermore, by the end of the quarter, NMDC Energy's backlog stood at AED56.3 billion, with a healthy pipeline of projects. Mohamed Hamad Almehairi, Chairman of NMDC Energy, said, 'NMDC Energy delivered the best possible start to 2025, strongly following our landmark performance in 2024 to reinforce our leadership position in the regional energy sector. We've made solid advances across our dynamic business by adding to our healthy pipeline and in deepening our international footprint.' Ahmed Salem Al Dhaheri, CEO of NMDC Energy, said, 'We are delighted to hit the ground running in 2025, picking up where we left off in 2024, by delivering strong financial performance. While we continue to cement our local execution capabilities, this quarter was marked by strategic milestones on the international front with the inauguration of our advanced yard in Saudi Arabia as well as our deepening presence in East Asia. Our results this quarter reflect years of razor-sharp decision-making as well as our bold ambition for the sectors that we operate in. We've also worked hard to place cutting-edge technologies, innovation, and enhanced efficiency at the forefront of our business.'
Zawya
29-04-2025
- Business
- Zawya
NMDC Energy continues growth momentum into 2025 with robust Q1 financial results
Q1 2025 milestones included winning a number of strategic projects for the value of AED 13.9 billion, in addition to the inauguration of its fabrication yard in Saudi Arabia and being awarded a prestigious EPC contract by Tiawan Power Company (Taipower). The company has signed a three-year extension to its LTA with Saudi Aramco with an option for an additional three years, further strengthening its long-term partnership with the leading energy company. Abu Dhabi, UAE: NMDC Energy PJSC (ADX: NMDCENR), a majority-owned subsidiary of NMDC Group (ADX: NMDC), has reported strong financial results for the period ending 31 March 2025, with robust performance defined by healthy project activity and diversified revenue contribution. NMDC Energy achieved 25% year-on-year increase in net profit for the quarter, from AED174 million in Q1 2024 to AED 217 million in Q1 2025; driven by strong operational performance and expansion into new projects both locally and internationally. Revenues climbed to AED3.7 billion, up 75% year-on-year from the corresponding period of 2024. Earnings per share rose a remarkable 25% to AED 0.04, and total assets stood at AED 16.3 billion at the end of March 2025. Total projects awarded during Q1 2025 amounted to AED 13.9 billion. Furthermore, by the end of the quarter, NMDC Energy's backlog stood at AED 56.3 billion, with a healthy pipeline of projects. During Q1'25, NMDC Energy was successfully qualified and included in MSCI small cap. Index (the global provider of equity, fixed income, real estate indices) during their rebalancing event in February 2025; thus resulting in passive funds flow during the period. The inclusion comes post NMDC Energy's listing in September 2024. The first quarter of the year followed a similar growth trajectory as 2024 with NMDC Energy marking several strategic milestones. NMDC Energy inaugurated 400,000 sqm state-of-the-art yard, part of the Ras Al Khair Special Economic Zone, in Saudi Arabia. Going further, NMDC Energy signed a three-year extension for its Long-Term Agreement 'LTA' with Aramco, representing another accomplishment in Saudi Arabia. Moreover, the Company was also awarded a prestigious EPC contract by Taiwan Power Company (Taipower) for pipeline installation for the Tung-Hsiao Power Plant. Mr. Mohamed Hamad Almehairi, Chairman of NMDC Energy, said: "NMDC Energy delivered the best possible start to 2025, strongly following our landmark performance in 2024 to reinforce our leadership position in the regional energy sector. We've made solid advances across our dynamic business by adding to our healthy pipeline and in deepening our international footprint. At the heart of these activities, our business has continued to play a deep facilitating role in powering economies and in driving forward national ambitions. In parallel, we've also worked collaboratively with our partners in areas such sustainability, job creation, and health and safety, to ensure that we remain a force for good whenever and wherever we operate.' Eng. Ahmed Salem Al Dhaheri, CEO of NMDC Energy, said: 'We are delighted to hit the ground running in 2025, picking up where we left off in 2024, by delivering strong financial performance. While we continue to cement our local execution capabilities, this quarter was marked by strategic milestones on the international front with the inauguration of our advanced yard in Saudi Arabia as well as our deepening presence in East Asia. Our results this quarter reflect years of razor-sharp decision making as well as our bold ambition for the sectors that we operate in. We've also worked hard to place cutting-edge technologies, innovation, and enhanced efficiency, at the forefront of our business. As look ahead, we foresee that the momentum we've created this quarter as well as our success in recent years will pave the way for us to unlock future growth and value creation both nationally and globally.' International Expansion NMDC inaugurated an advanced fabrication yard in Ras Al Khair, Saudi Arabia. The 400,000 sqm state-of-the-art yard, part of the Ras Al Khair Special Economic Zone, boasts a production capacity of 40,000 tonnes per year and will provide offshore facilities fabrication as well as onshore modularization. The company invested AED 200 million into its Ras Al Khair yard to provide productive, safe and environmentally sound facilities, and it will embed the latest technologies to deliver efficiencies and reduce environmental impact. NMDC Energy has also signed a three-year extension for its Long-Term Agreement 'LTA' with Aramco representing another milestone in the company's recent strategic growth activities in Saudi Arabia. The services provided by NMDC Energy under the LTA cover detailed engineering, material procurement, fabrication, transportation, installation, and pre-commissioning of offshore facilities in connection with projects to be executed within Saudi Arabian territorial waters. In 2016, NMDC Energy signed a previous LTA with Aramco, resulting in NMDC Energy's involvement in multiple projects worth billions of dollars. NMDC Energy maintained its leadership role in driving key projects, accelerating innovation and achieving significant progress that underscores its commitment to excellence. The company was awarded a prestigious EPC contract by Taiwan Power Company (Taipower) for subsea pipeline installation 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. Quality Achievement NMDC Energy maintained its quality management system certification to ISO 9001 and FANR accreditation. The Ras Al Khair Fabrication Yard recently achieved certification to ISO 9001, and the company has started the process for the subsequent prequalification ' ARAMCO's 9com '. Furthermore, NMDC Energy successfully hosted the ARAMCO 2nd Offshore Project Quality Forum. The event was attended by ARAMCO representatives, major contractors, and equipment suppliers from around the world. Quality personnel from all business units have been certified in the training of 'ASME NQA-1 Awareness' and 'Counterfeit, Fraudulent, and Suspect Items (CFSI)'. As a catalyst of the energy future, NMDC Energy recognizes the near and intermediate steps necessary to ensure that the sector can move in tandem with the realities of the world. The company is committed to forging key partnerships and in partaking in landmark projects in the UAE and beyond, to continue setting the pace and make swift forward steps for the world's energy industry.
Zawya
25-03-2025
- Business
- Zawya
ADNOC L&S shareholders approve $273mln dividend as company delivers unprecedented growth in 2024
Strategic fleet expansion strengthens ADNOC L&S' position as a leader in low-carbon energy transportation AI-driven innovations enhance safety, efficiency, and emissions reduction across ADNOC L&S operations Abu Dhabi, UAE – ADNOC Logistics & Services Plc (ADNOC L&S / the Company) (ADX symbol ADNOCLS / ISIN AEE01268A239), a global energy maritime logistics leader, today announced shareholder approval of all agenda items at its Annual General Meeting, including a final dividend of $136.5 million (AED501.3 million), bringing the 2024 full-year dividend to $273 million (AED1,001 million), a 5% increase year-on-year, in line with ADNOC L&S' progressive dividend policy. The final dividend, equivalent to 6.78 fils per share, will be paid to shareholders on record as of April 3, 2025. H.E. Dr. Sultan Al Jaber, Chairman of ADNOC L&S, said: '2024 was a transformative year for ADNOC L&S, marked by accelerated global expansion, record financial performance, and bold strategic moves. We continued to strengthen our fleet and completed a pivotal $1.0 billion (AED3.7 billion) acquisition of 80% of Navig8, significantly enhancing our global reach and operational capabilities. Our strong performance in 2024 allowed us to deliver outstanding shareholder value, including a 5% increase in our full-year dividend, while advancing sustainability, innovation, and industry leadership. 'As we look ahead, ADNOC L&S is positioned for continued growth, driven by organic expansion, strategic acquisitions, and cutting-edge technology investments. With a growing fleet of next-generation vessels and a steadfast commitment to efficiency and sustainability, we remain focused on delivering ADNOC's energy to the world while contributing to the UAE's economic ambitions. The momentum we have built sets the stage for an even more exciting future.' Record Financial Performance in 2024 ADNOC L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency. Revenue increased 29% year-on-year to over $3.5 billion (AED13 billion), while net profit rose 22% to $756 million (AED2.7 billion). EBITDA grew 31% year-on-year, reflecting ADNOC L&S' ability to scale operations while maintaining profitability. Since its 2023 IPO, the Company's share price has increased by 178%[1], significantly outperforming the ADX and strengthening investor trust in ADNOC L&S' long-term strategy. Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: 'ADNOC L&S is well-positioned for continued success. We are unwavering in our commitment to growth, both organic and through strategic acquisitions, and this will continue to deliver value to customers, shareholders, and the UAE. 'We are equally committed to developing Emirati talent and supporting the UAE economy, having invested nearly AED1 billion in workforce development and local partnerships in 2024. ADNOC L&S remains a key contributor to ADNOC's In-Country Value (ICV) program, fostering the next generation of maritime industry leaders.' Strategic Fleet Expansion and Sustainability Leadership In 2024, ADNOC L&S continued executing one of the industry's largest fleet expansion programs, securing 21 new environmentally efficient vessels equipped with low-emission dual-fuel engines. The Company also took delivery of its first of six newbuild LNG carriers, with the second expected in May 2025. In 2024, the Company achieved an 11% reduction in carbon intensity compared with the previous year, with a 56% reduction in fleet emissions since 2019, aligning with ADNOC's broader decarbonization objectives. The Integrated Logistics business segment saw significant expansion, securing hire contracts for 19 jack-up barge deployments and acquiring 20 offshore assets. These developments reinforce ADNOC L&S' leadership in offshore logistics, supporting ADNOC's broader energy growth strategy. As part of its commitment to environmental responsibility, ADNOC L&S achieved an 11% reduction in carbon intensity in 2024 compared to the previous year, with a 56% reduction in fleet emissions since 2019. These improvements reflect the Company's dedication to sustainable maritime operations and energy efficiency enhancements. Technology & AI-Driven Innovation ADNOC L&S is advancing the industry's digital transformation, investing in AI-powered solutions, such as AIQ's SMARTi safety monitoring and the Integrated Logistics Management System (ILMS), to enhance safety, optimize operations, and reduce delays. Outlook Building on its record 2024 performance, the Company's guidance for 2025 and medium-term guidance, now including the contribution of Navig8 and the Integr8 joint-control activity from 8 January 2025, is as follows: • Group Revenues: The Company anticipates y-o-y revenue growth from 2024 to 2025 in the mid to high 40% range. Over the medium term (2026-2029), the Company expects to deliver a revenue CAGR in the low single-digit range. • Group EBITDA: The Company expects y-o-y EBITDA growth from 2024 to 2025 in the high teens. In the medium term (2026-2029), the Company targets an EBITDA CAGR in the high single-digit range. • Group Net Income: The Company anticipates y-o-y net income from 2024 to 2025 in the low double-digit range. Over the medium term (2026-2029), the Company expects a net income CAGR in the high single digit range. • Growth Investments: After delivering significant committed growth in 2024, both organic and inorganic, the Company maintains its capital expenditure guidance, reflecting its commitment to long-term growth and strategic expansion. ADNOC L&S anticipates an additional $3 billion+ of value-accretive organic investment spend by 2029, beyond the projects already announced and incorporated in guidance, applying the same investment return criteria. • Capital Structure: The Company targets a 2.0-2.5x net debt / EBITDA ratio over the medium term, with the recently committed Hybrid Capital Instrument, debt, and free cash flows after dividends, the primary funding sources for committed and anticipated growth investment. -Ends- About ADNOC Logistics & Services ADNOC Logistics & Services Plc, listed on the Abu Dhabi Securities Exchange (ADX symbol ADNOCLS / ISIN AEE01268A239) is a global energy maritime logistics company based in Abu Dhabi. Through its three business units – Integrated Logistics, Shipping and Services – ADNOC L&S delivers energy products and solutions to more than 100 customers in over 50 countries. ADNOC L&S' key subsidiaries include Zakher Marine International Holdings (100% ownership), an Abu Dhabi-based owner and operator of offshore support vessels; and Navig8 (80% ownership), a global ship owner and commercial pools operator also offering bunkering and ship management solutions. To find out more, visit: For media enquiries, please contact: media@ For investors enquiries, please contact: IR@
