NMDC Group, Abu Dhabi’s top engineering and marine dredging firm, has received the green light from the Securities and Commodities Authority and the Abu Dhabi Securities Exchange (ADX) for an initial public offering (IPO) of its NMDC Energy shares. The company plans to offer 1.150 billion shares at AED 2.8 each.
The IPO subscription period begins on Friday, August 30, 2024, for individual investors in the UAE and will stay open until September 4, 2024, for qualified and professional investors. This offering is backed by Alpha Dhabi Holding, positioning NMDC Energy as an attractive investment with strong growth potential.
Financial Performance Highlights
NMDC Group’s financials show a robust performance in the first half of 2024, with a 79% increase in revenue, reaching AED 12.126 billion, compared to AED 6.765 billion in the same period in 2023. The group’s net profits also surged by 66%, hitting AED 1.461 billion, up from AED 881 million last year. Additionally, the group’s assets grew to AED 28.5 billion by mid-2024, a significant increase from AED 20.847 billion at the end of 2023.
NMDC Energy’s Global Reach
A subsidiary of NMDC Group, NMDC Energy specializes in engineering, procurement, and construction within the energy sector, boasting modern facilities in Abu Dhabi spanning 1.3 million square meters. As of June 30, 2024, NMDC Energy’s backlog stood at approximately AED 54 billion, covering various sectors and regions. The company has completed over 1,200 strategic projects, including 1,360 facilities, 8,000 kilometers of pipelines, and 2,000 kilometers of submarine cables.
With over 50 years of global experience, Energy has a diverse international portfolio, including significant projects in the UAE, Saudi Arabia, Kuwait, India, and Taiwan. To further enhance its capabilities, the company is developing a new 400,000-square-meter manufacturing facility at Ras Al Khair Port in Saudi Arabia.