NMDC Energy, a prominent subsidiary of NMDC Group, reported a striking performance in its Q3 financial results for 2024, marking an impressive start following its recent listing on the Abu Dhabi Securities Exchange (ADX) in September. This first earnings report since the IPO underscores the company’s swift upward momentum, driven by strong operational gains and strategic project expansion.
In Q3 2024, NMDC Energy achieved a net profit of AED 402 million, reflecting a 145% increase compared to the same period last year. This considerable growth is largely attributed to the company’s focus on optimizing its operations and expanding its project pipeline, which has led to greater efficiency and profitability across its energy ventures. The robust financial outcome signals investor confidence and the company’s solid standing within the energy industry, particularly after a high-profile IPO.
Revenue for Q3 surged to AED 3.975 billion, marking a year-over-year increase of 110%, further highlighting NMDC Energy’s strengthened operational capabilities and growing market presence.
The results showcase the company’s successful strategy in meeting the escalating demands of the global energy sector while keeping pace with Abu Dhabi’s ambitious growth objectives for sustainable and diversified energy solutions.
Yasser Zaghloul, Group CEO of NMDC, highlighted the significance of the results in light of the IPO, stating, “Today is a historic day for NMDC Energy, our Group, and the UAE, and it is one that lays the foundation for more great things to come. NMDC’s IPO opens trading today after drawing AED 88 billion in investment locally, regionally, and internationally.” His remarks underscore the strategic importance of NMDC Energy’s ADX debut, which attracted substantial investor interest and set the stage for the company’s expansion into new markets and projects.
The strong Q3 performance has positioned NMDC Energy as a leading force in the regional energy sector, with its growth reflecting the UAE’s vision for innovation-driven, sustainable economic development. The company’s substantial profit increase and revenue growth signal promising prospects for shareholders and the UAE’s energy sector alike, reinforcing NMDC Energy’s role as a critical player committed to evolving and meeting industry demands with resilience and forward-thinking strategies.
