Latest news with #Dh3.7
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.
Al Etihad
23-04-2025
- Business
- Al Etihad
UAE search on for innovative solutions to global water crisis: Dh8 - million Al Miyah Challenge explained
24 Apr 2025 00:57 AMEINAH ALZEYOUDI (ABU DHABI)The search is on for innovative solutions that can help address one of the world's most pressing environmental challenges, water scarcity. Through the recently launched Al Miyah Challenge for Agriculture, the UAE reaffirms its commitment to supporting the development of technologies that can tackle the global crisis. In a statement to Aletihad , Ayesha Al Ateeqi, Executive Director of The Mohamed bin Zayed Water Initiative, elaborated on the challenge that offers a significant prize pool of Dh8 million. Launched by The Mohamed bin Zayed Water Initiative, the competition targets cutting-edge advancements in sustainable irrigation, water-efficient farming practices, and climate-adapted agricultural technologies suitable for arid regions like the UAE. The country, Al Ateeqi said, is well positioned as a test bed for what could be groundbreaking technologies for water security. 'Water scarcity is not a new challenge for the UAE. For centuries, our ancestors have relied on innovation and cooperation to not just survive, but to thrive, in one of the world's most difficult climates,' said Al Ateeqi. 'With the Al Miyah Challenge for Agriculture, we aim to reiterate the UAE's commitment to addressing global water scarcity by supporting the development and application of breakthrough technologies.' Practical, Scalable Solutions Technology innovation is pivotal to challenge, Al Ateeqi said. 'We are seeking practical, scalable, and deployable solutions that not only meet the UAE's unique climate needs but can also benefit other water-scarce countries facing similar challenges.' The competition is open to both local and international participants, and entries can be submitted for a number of categories: • Alternative water sources for agriculture • Technologies for reducing water use in open-field and controlled environment agriculture (CEA) • Low-cost, energy-efficient water treatment methods • Soil and crop technologies that reduce water uptake • Circular solutions integrating multiple components Winners will not only receive financial support – Dh3.7 million for the top team – but also the opportunity to pilot their innovations within the UAE, providing a vital real-world testing ground. Registrations for the Al Miyah Challenge for Agriculture are now open, and teams are invited to submit their applications online before 30th June 2025 at Start of a Larger Initiative The programme is being rolled out in collaboration with Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), ASPIRE – the innovation arm of Abu Dhabi's Advanced Technology Research Council – and Silal Food and Technology. 'In the spirit of collaboration, we're working with leading institutions across sectors to unlock practical and scalable water solutions,' said Al Ateeqi. 'The scalability of the technologies is a key pillar of the Challenge. We are not just looking for great ideas – we are looking for implementable solutions that can go global.' The Al Miyah Challenge for Agriculture marks the beginning of a larger initiative. Future challenges will continue to focus on water-related innovations that offer benefits across other sectors impacted by climate change. 'Accelerating innovation in water – leveraging the UAE's infrastructure, expertise and resources – remains at the forefront of our national agenda,' Al Ateeqi said. 'It's essential to our vision of a world in which water is accessible, affordable, and sustainable for all.' With water scarcity high on the global agenda, this UAE-led initiative shines a spotlight on the power of technology, collaboration, and visionary leadership to build a water-secure future.
Khaleej Times
25-03-2025
- Business
- Khaleej Times
Adnoc L&S to distribute $273 million dividend as company delivers unprecedented growth in 2024
Adnoc Logistics & Services Plc, a global energy maritime logistics leader, on Tuesday a final dividend of $136.5 million (Dh501.3 million), bringing the 2024 full-year dividend to $273 million (Dh1.001 billion), a five per cent 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. In 2024, Adnoc L&S's revenue increased 29 per cent year-on-year to over $3.5 billion (Dh13 billion), while net profit rose 22 per cent to $756 million (Dh2.7 billion). Ebitda grew 31 per cent year-on-year. Since its 2023 IPO, the company's share price has increased by 178 per cent, significantly outperforming the ADX. The company anticipates year-on-year revenue growth from 2024 to 2025 in the mid to high 40 per cent range. Over the medium term (2026-2029), it expects to deliver a revenue CAGR in the low single-digit range. Adnoc L&S expects year-on-year 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. The company anticipates year-on-year net income from 2024 to 2025 in the low double-digit range. Over the medium term (2026-2029), it expects a net income CAGR in the high single digit range. 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. The company is targeting 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. 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 (Dh3.7 billion) acquisition of 80 per cent of Navig8, significantly enhancing our global reach and operational capabilities. Our strong performance in 2024 allowed us to deliver outstanding shareholder value, including a five per cent 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.' 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 Dh1 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.' 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 per cent reduction in carbon intensity compared with the previous year, with a 56 per cent 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. Adnoc L&S achieved an 11 per cent reduction in carbon intensity in 2024 compared to the previous year, with a 56 per cent reduction in fleet emissions since 2019. 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, optimise operations, and reduce delays.
Al Etihad
25-03-2025
- Business
- Al Etihad
ADNOC L&S shareholders approve $273 million dividend in 2024
25 Mar 2025 12:01 ABU DHABI (ALETIHAD) ADNOC Logistics & Services Plc (ADNOC L&S) on Tuesday announced shareholder approval of all agenda items at its Annual General Meeting, including a final dividend of $136.5 million (Dh501.3 million), bringing the 2024 full-year dividend to $273 million (Dh1,001 million), a 5% increase year-on-year, in line with ADNOC L&S' progressive dividend final dividend, equivalent to 6.78 fils per share, will be paid to shareholders on record as of April 3, 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 (Dh3.7 billion) acquisition of 80 percent 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 percent increase in our full-year dividend, while advancing sustainability, innovation, and industry leadership.'He added that 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,' Dr. Al Jaber L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational increased 29% year-on-year to over $3.5 billion (Dh13 billion), while net profit rose 22% to $756 million (Dh2.7 billion).EBITDA grew 31% year-on-year, reflecting ADNOC L&S' ability to scale operations while maintaining its 2023 IPO, the company's share price has increased by 178%, significantly outperforming the ADX and strengthening investor trust in ADNOC L&S' long-term 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 Dh1 billion in workforce development and local partnerships in 2024. ADNOC L&S remains a key contributor to ADNOC's In-Country Value (ICV) programme, fostering the next generation of maritime industry leaders.'In 2024, ADNOC L&S continued executing one of the industry's largest fleet expansion programmes, 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 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.
