Latest news with #AhmedSalemAlDhaheri
Khaleej Times
29-04-2025
- Business
- Khaleej Times
NMDC Energy revenues surge 75% year on year to Dh3.7 billion
NMDC Energy on Tuesday reported 25 per cent year-on-year increase in net profit for the quarter, from Dh174 million in Q1 2024 to Dh217 million in Q1 2025; driven by strong operational performance and expansion into new projects both locally and internationally. Revenues climbed to Dh3.7 billion, up 75 per cent year-on-year from the corresponding period of 2024. Earnings per share rose 25 per cent to Dh0.04, and total assets stood at Dh16.3 billion at the end of March 2025. Total projects awarded during Q1 2025 amounted to Dh13.9 billion. Furthermore, by the end of the quarter, NMDC Energy's backlog stood at Dh56.3 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. 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 modularisation. The company invested Dh200 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. 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.
Al Etihad
29-04-2025
- Business
- Al Etihad
NMDC Energy posts Dh217 million net profit in Q1
29 Apr 2025 10:56 ABU DHABI (WAM)NMDC Energy, a majority-owned subsidiary of NMDC Group, has reported strong financial results for the period ending March 31, 2025, with robust performance defined by healthy project activity and diversified revenue Energy achieved 25 percent year-on-year increase in net profit for the quarter, from Dh174 million in Q1 2024 to Dh217 million in Q1 2025, driven by strong operational performance and expansion into new projects both locally and climbed to Dh3.7 billion, up 75 percent year-on-year from the corresponding period of 2024. Earnings per share rose a remarkable 25 percent to Dh0.04, and total assets stood at Dh16.3 billion at the end of March projects awarded during Q1 2025 amounted to Dh13.9 billion. Furthermore, by the end of the quarter, NMDC Energy's backlog stood at Dh56.3 billion, with a healthy pipeline of 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," he added.
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.'
ME Construction
05-02-2025
- Business
- ME Construction
NMDC Energy awarded US $1.136bn EPC contract
Industry News NMDC Energy awarded US $1.136bn EPC contract By The Tung-Hsiao Power Plant 2nd Stage Renewal Project plays a key role in accelerating Taiwan's transition to cleaner energy NMDC Energy has been awarded a EPC contract by Taiwan Power Company (Taipower) for pipeline installation, shore approach works and dredging for the Tung-Hsiao Power Plant second stage renewal project. The US $1.136bn project involves the design, construction and installation of 111km of linear subsea pipeline at depths ranging from 10m to 55m, stretching between Taichung and Tung-Hsiao on Taiwan's west coast. The scope of work includes shore approach works and dredging operations with a volume of approximately six million cu/m. Led by NMDC Energy and utilising the capabilities of NMDC Dredging & Marine, the award highlights NMDC Group's integrated and multidisciplinary approach to engineering, procurement and construction. As part of its commitment to expanding into high-growth regions, NMDC Energy views Taiwan as a market with significant potential. Yasser Zaghloul, CEO of NMDC Group said: 'This landmark contract underscores NMDC Energy's position as a global leader in engineering and marine solutions, while driving forward Taiwan's energy transition ambitions. Our work in Taiwan is not merely about infrastructure; it represents a commitment to creating sustainable pathways for energy resilience in a region of strategic importance. This award reaffirms our dedication to delivering world-class expertise across diverse geographies and demonstrates how NMDC Group's integrated capabilities set the benchmark for transformative, high-impact projects worldwide.' Ahmed Salem Al Dhaheri, CEO of NMDC Energy added: 'Over the past three years, we have boldly expanded our operations into renewable energy in Taiwan, forging transformative partnerships to unlock opportunities for various clean energy integration. Our collaboration with Taiwan Power Company will drive and strengthen our presence in Taiwan and South East Asia.' The Tung-Hsiao Power Plant 2nd Stage Renewal Project plays a key role in accelerating Taiwan's transition to cleaner energy by enabling the delivery of natural gas with an annual capacity of 2.3m tonnes, crucial to meeting growing demand while also enhancing energy security.
Arabian Business
31-01-2025
- Business
- Arabian Business
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).
