NMDC Energy has announced robust financial results in its first full-year earnings since going public in September 2024. The company’s net profit surged 80 per cent year-on-year to AED 1.41B (USD 380M), up from AED 780M (USD 212.4M), driven by strong operations and strategic expansions.
Revenues soared 82 per cent to AED 14.44B ($3.93B), while earnings per share also rose 82 per cent. Total assets grew 27 per cent to AED 16.5B (USD 4.5B). In Q4 2024, net profit climbed 35 per cent to AED 502M (USD 136.7M), with quarterly revenues hitting a record AED 4.7B (USD 1.28B), up 57 per cent.
CEO Ahmed Salem Al Dhaheri credited the company’s success to a strategic vision integrating advanced technologies and AI. He highlighted key milestones, including a new fabrication yard in Saudi Arabia and a major EPC contract with Taiwan Power Company (Taipower).
Chairman Mohamed Hamad Almehairi emphasised NMDC Energy’s progress in operational and geographic expansion, reinforcing its role in supporting the UAE’s national and sustainability goals.
The board has proposed a cash dividend of AED 700M (USD 190.6M) for 2024. NMDC Energy remains focused on major projects such as Hail & Ghasha, Ruwais LNG, and Aramco CRPOs. Its USD 1.14B contract with Taipower involves installing a 111-kilometre subsea pipeline off Taiwan’s west coast.
As of 31 December 2024, NMDC Energy’s project backlog stood at AED 50.4B (USD 13.72B), underscoring its strong market position.