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Khaleej Times
20-05-2025
- Business
- Khaleej Times
NMDC Group reports robust financial results for Q1 2025
NMDC Group on Wednesday reported that it achieved 22 per cent year-on-year increase in net profit for the first quarter, from Dh641 million in Q1 2024 to Dh784 million in Q1 2025. Revenues climbed to Dh6.2 billion, up 16 per cent year-on-year from the corresponding period of 2024. Earnings per share rose 12 per cent to Dh0.87, and total assets stood at Dh32.7 billion at the end of March 2025. By the end of the quarter, NMDC Group's backlog stood at Dh75.4 billion, with a healthy pipeline of projects. During Q1 2025, NMDC Group marked several strategic milestones, which included the inauguration of an advanced 400,000 sqm state-of-the-art yard fabrication yard in Ras Al Khair, Saudi Arabia. NMDC Group's subsidiary, NMDC Energy, was awarded an 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. NMDC Group continued to build on its expertise and offering, where it signed an agreement to establish a new company, NMDCCC, in partnership with Consolidated Contractors Operations (Cyprus) Limited, who are a leading diversified company carrying out engineering, procurement, construction, development and investment activities internationally. Headquartered in Abu Dhabi, NMDCCC will provide a world-class, full-spectrum EPC powerhouse with unmatched global capabilities, and will operate within the UAE, with branches in Dubai and outside the UAE. Under the agreement, the new company, with an ownership structure of 50 per cent for each of the partners, will provide end-to-end EPC services, enhancing project delivery for major National Oil Companies (NOCs) with expertise in onshore oil and gas, marine construction, and integrated mega infrastructure development. NMDCCC's capabilities will span across the construction of refineries, plants, ports, bridges, roads and industrial zones. The new alliance with CCC aims to unlock greater potential for the Group by increasing its market share, tapping into new markets, successful execution of our growing backlog, mitigating the risk of uncertainty by securing execution capabilities and reducing turnaround time to better serve clients. Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of the Board of Directors of NMDC Group, said: 'The results demonstrate how ambitious we have been, both at home and abroad, as we have inaugurated new partnerships, projects, and facilities that have brought further depth to our business. Collectively, NMDC Group's market-leading diversified businesses have also come to reflect the forward-focused aspirations of the UAE and its people, and as we look optimistically ahead, we'll continue to apply our vast capabilities in ways that will drive sustainable growth and economic progress for the UAE and further afield.' Eng. Yasser Zaghloul, CEO of NMDC Group, stated: 'The notable growth in our net proft is a key indicator of the strength of our business as well as our market-leading capabilities, particularly how these continue to resonate across the energy and marine landscape. What is more, our success is also defined by trust, where shareholders and partners continue to value our expertise. As we look ahead, we'll continue to strengthen our vital relationships with government, client, investor, partner, and supplier stakeholders into the remainder of 2025 and beyond.' International expansion Oman: In line with the group's strategy that focuses on geographical diversification, NMDC Group has signed a contract for the construction of a marina project in the Sultanate of Oman, with a total value of Dh383 million. The project is expected to be completed within 15 months from the date of signing. Taiwan: NMDC Energy was awarded an 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 $1.136 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. Saudi Arabia: 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. NMDC Energy 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.
Al Etihad
22-04-2025
- Business
- Al Etihad
Emirates NBD Group and Emirates Islamic announce robust first quarter 2025 results
22 Apr 2025 11:45 A. SREENIVASA REDDY (ABU DHABI)Emirates NBD and its subsidiary, Emirates Islamic, have both released their financial results for the first quarter of 2025, showcasing strong growth and profitability amidst a buoyant regional economy. Emirates NBD Group announced a substantial 56% increase in profit before tax, reaching Dh7.8 billion. This impressive growth was underpinned by strong lending momentum, an improved deposit mix, and the successful introduction of new products, which collectively drove an 11% year-on-year rise in income to Dh11.9 billion. Its net profit stood at Dh6.2 billion. The bank's balance sheet also achieved a significant milestone, surpassing Dh1 trillion, fuelled by robust loan and deposit of Emirates NBD opened half a percentage point higher on the Dubai Financial Market (DFM) following buoyant results. Deposits at Emirates NBD saw a 5% increase, bolstered by a record Dh27 billion surge in low-cost Current and Savings Account balances. Loans grew by Dh18 billion during the quarter, with more than half of this expansion originating from the Group's growing international network. Meanwhile, Emirates Islamic reported a record-breaking quarterly net profit of Dh1 billion, marking a 24% increase compared to the same period last year. Total income peaked by 8% year-on-year to reach Dh1.45 billion, driven by higher funded and non-funded income. Total assets increased by 11% to Dh123 billion during the first quarter of 2025. Customer deposits increased by 8% to Dh83 billion in Q1 2025 with Current Account and Savings Account balances at a very healthy 71% of total Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group, expressed his satisfaction with the results, stating, "Emirates NBD's Profit before tax grew substantially, driven by strong regional expansion, increased digital adoption, an outperforming funding base and sustained loan recoveries. All business units achieved an outstanding performance as they delivered higher YoY income. The bank commands a 35% market share of UAE Credit card spend, and we processed more than Dh50 billion Credit and Debit card spend in the first quarter of 2025.' Shayne Nelson, Group Chief Executive Officer of Emirates NBD, said, 'Emirates NBD delivered an 11% year-on-year increase in income, propelled by excellent loan growth and our ability to attract and retain low-cost deposits. The Group's ability to substantially grow income is a direct benefit of the strategic investment in our regional footprint, Digital and GenAI, helping to offset the impact of lower interest rates. Innovative products have successfully harnessed key growth areas, including Private Banking, Wealth Management, Escrow, regional Corporate growth and Investment Banking.' Commenting on the results, Farid AlMulla, Chief Executive Officer, Emirates Islamic, said: 'Emirates Islamic continues to be at the forefront of driving digital banking innovation in the Islamic financial services sector, providing our customers with best-in-class solutions through our digital banking channels. We continue to add innovative services to our digital banking platforms, giving our retail and business customers the convenience of banking anytime, from anywhere.' Emirates NBD and Emirates Islamic are both listed on the Dubai Financial Market (DFM). However, Emirates Islamic's shares are not currently being traded, as its parent company, Emirates NBD, is in the process of acquiring 100% ownership of the bank and delisting it from the DFM. Despite the planned delisting, Emirates Islamic is expected to retain its separate corporate identity. The parent company of the Emirates NBD Group is Investment Corporation of Dubai, a company in which the Government of Dubai is the majority shareholder, according to the information available on the DFM website.
Gulf News
22-04-2025
- Business
- Gulf News
Dubai's Emirates NBD clears Dh1 trillion balance-sheet milestone in Q1-2025
Dubai: Emirates NBD's profit before tax stirred up a sharp 56% quarter-to-quarter growth to Dh7.8 billion for the first three months of 2025. The key fundamentals - 'lending momentum, improvement in deposit mix and new products' - were all in play. Net profit too was up 56% q-to-q to Dh6.2 billion. But on a year-to-year basis, Emirates NBD's net profit is down from the Dh6.7 billion for Q1-2024. The Dubai bank's balance-sheet cleared the Dh1 trillion milestone, in large part helped by the 'impressive' loan and deposit growth. Deposits grew by 5%, driven by a 'record' Dh27 billion increase in current and savings account balances. "All business units achieved an outstanding performance as they delivered higher income year-on-year," said Hesham Abdulla Al Qassim, Vice-Chairman and Managing Director of Emirates NBD. Loans were up Dh18 billion - and with more than half of the increase sourced from the growing International network. Emirates NBD is among the handful of leading UAE banks that have incrementally built up a network outside as well, and the Q1 numbers show some of that work is indeed paying off. "In Egypt, inflation is continuing to come under control which should allow the private sector to expand while Turkey's monetary policy is helping to curb inflation," said Emirates NBD in a statement. The entity has a sizable presence in these markets. When it comes to the UAE and Saudi Arabia, 'oil production is due to increase in both this year, while revenue diversification is helping to provide some insulation to the economies from volatility in oil price." 'Offset lower interest rate' "The Group's ability to substantially grow income is a direct benefit of the strategic investment in our regional footprint, digital and GenAI, helping to offset the impact of lower interest rates," said Shayne Nelson, Group CEO. (The US Fed had trimmed interest rates over the recent past, which has also been immediately reflected in the UAE banking sector.) The bank has also been working on its higher margin offerings, especially the recent arrangement with BlackRock to expand access for Emirates NBD's high networth clients to private market options. There is also the UAE bank's 35% market share of local credit card spend, with over Dh50 billion in credit and debit card spend in Q1-25.
