Latest news with #infrastructure development
Khaleej Times
2 days ago
- Business
- Khaleej Times
NMDC Group net profit gains 20% year on year to Dh1.8 billion
NMDC Group on Wednesday announced that H1 2025 net profit rose 20 per cent to Dh1.8 billion, demonstrating improving operational and net profit margins. With an expanding geographical footprint and capitalising on the infrastructure development in the Mena region, the group reported revenue of Dh13.4 billion, representing a 10 per cent year-on-year increase. NMDC Group's proven ability to deliver turnkey solutions has driven continued progress and steady growth, with a backlog of Dh66.2 billion and Dh15.1 billion in awarded projects. The group continues to build its pipeline of projects, valued at around Dh100 billion. In Q2 2025, group revenue rose 5 per cent year on year to Dh7.1 billion, while net profit came at Dh971 million, up 18 per cent year on year, reflecting operational discipline and margin expansion. Mohamed Thani Al Rumaithi, Chairman of the Board of Directors, NMDC Group, said: 'NMDC Group continues to play a central role in advancing the UAE's industrial strategy, guided by our clear vision of delivering innovative solutions shaping the future. Our strong H1 performance reflects disciplined execution, strategic partnerships and a clear focus on national value. Beyond financial growth, we are expanding the country's industrial base and strengthening our position as a trusted platform for global investment and sustainable growth.' Eng. Yasser Zaghloul, Group CEO, NMDC Group, added: 'Our H1 performance reflects the strength of our operating model and our ability to execute at scale. We have expanded technical capacity, accelerated localization and deepened our delivery footprint across key markets. Our strategic partnerships are already translating into new opportunities and long-term value. As demand for complex infrastructure grows, NMDC Group is leading – with speed, precision and impact.' In Q2 2025, NMDC LTS business unit completed the acquisition of a 70 per cent stake in Emdad, a UAE based integrated oilfield service provider; the transaction unlocks new opportunities and diversifies the Group's portfolio into opex-driven oilfield services. During Make it in the Emirates (MIITE) 2025, the Group signed five strategic agreements, aiming at exploring joint ventures that expand manufacturing in the UAE and support the growth of regional infrastructure, underscoring the Group's ability to translate international partnerships into local industrial growth. Building on 50 years of growth and operational excellence, this latest chapter showcased the Group's continued progress in delivering on its strategy of securing sustainable growth, diversifying its capabilities, and reinforcing its leadership in the marine and energy sectors. Looking ahead, NMDC Group's strategic objectives remain focused on driving revenue growth by cementing its position in the local market and expanding into new verticals and geographies.
CNA
23-07-2025
- Business
- CNA
‘Important' for Johor to get back 25 per cent of tax revenue given to federal government: Regent
KUALA LUMPUR: Johor Regent Tunku Ismail Sultan Ibrahim has again called for a larger portion of the state's income tax revenue that goes to federal coffers to be returned to it. This comes amid growing concerns over infrastructure development and project delays in the southern state, he said. 'When 25 per cent of Johor's income tax revenue is returned to Johor, Johor can stand on its own feet,' he wrote in a Facebook post on Tuesday (Jul 22). The regent had previously said that Johor gave the federal government about RM48 to RM49 billion (US$11.36 billion to US$11.59 billion) a year in tax revenue, but received only RM1.4 billion in return. That amounts to an estimated 2.85 per cent return. Tunku Ismail's latest comments came following news of the postponement of the Pasir Gudang Hospital's phased opening. Initially scheduled for next month, it has been delayed to January 2026, much to the regent's disappointment. Tunku Ismail also pointed to the issue of autogates system disruptions at Johor's major land checkpoints - the Sultan Iskandar Building and the Sultan Abu Bakar Complex - as well as matters related to flood mitigation projects as to why more of the state's revenue should be returned to them. 'I wish to convey to Johoreans how important it is for 25 per cent of the state's income tax revenue to be returned to Johor. 'Through this tax return, we would not need to burden the federal government or submit applications to (them) and then endure a long wait for approval,' he said. Malaysia's constitution centralises revenue collection - including all forms of taxes - at the federal level. The federal government then returns a percentage of this to the states based on their population. According to a commentary posted on the ISEAS-Yusof Ishak Institute's website in December 2023, state governments received revenue of RM926 per capita, about one-tenth of the federal government's RM8,969 per capita tax in the year 2022. In June last year, Tunku Ismail said Putrajaya should stop viewing Johor as 'belonging to Malaysia', likening the state to being a beggar for constantly having to highlight its needs. He had then also urged the federal government to consider allowing Johor to keep 20 per cent to 30 per cent of its tax revenue in the state 'Until when is Johor going to be a beggar? The system in the federal government from then until now must change, as Johor does not belong to Malaysia. We are partners, so you have to start treating us like partners,' he was quoted as saying by news portal Scoop. Tunku Ismail was appointed Johor regent at the end of January 2024 after his father ascended the throne to become Malaysia's king for a five-year term. Penang's chief minister Chow Kon Yeow had in June this year also renewed calls for the federal government to consider returning 20 per cent of tax revenue to the state for its development. He had said Penang continued to be among the top contributors to Malaysia's national coffers, but has been "shortchanged" when it comes to federal allocations. "Now is an appropriate time for the federal government to consider this seriously and not just push it aside," he was quoted as saying by the News Straits Times. Sabah has also for years also been trying to negotiate a return of its entitlement of 40 per cent of its revenue as stated in the federal constitution, which it says is crucial for economic development.
