NMDC Energy, a majority-owned subsidiary of NMDC Group, has reported robust third quarter financial results in its first earnings announcement since its recent initial public offering (IPO). NMDC Energy achieved a 145 per cent year-on-year increase in net profit for the three months ending 30 September 2024, rising from Dh164 million to Dh402 million, driven by robust operational performance and strategic expansion into new projects. Revenues surged to Dh3.975 billion, a 110 per cent increase from the corresponding period of 2023. The company also achieved record growth rates in net profits for the nine-month period ending 30 September 2024, reporting a net profit of Dh904 million, reflecting a 122 per cent increase compared to the same period of 2023. The revenue for the first nine months of 2024 reached an all-time high of Dh9.78 billion, up 96 per cent from the corresponding period in 2023.

NMDC Energy began trading on the Abu Dhabi Securities Exchange (ADX) on 11 September 2024 following an IPO that was oversubscribed 31.3 times. Mohamed Hamad Almehairi, Chairman of NMDC Energy, stated: “NMDC Energy plays a crucial role in the nation’s economic development by securing energy, powering businesses, advancing sustainability, and enabling people from diverse backgrounds. Our impressive financial performance for this quarter underscores our resilience, discipline, and ambition, while our landmark IPO signals our future intentions. In the near term, we will focus on collaborating closely with our partners to create new opportunities.”

Eng. Ahmed Salem Al Dhaheri, CEO of NMDC Energy, commented: “We are delighted to report a strong set of results, marking a significant milestone since our listing. Our continued focus on strategic projects contributed to our revenue growth over the first nine months of the year, which included projects like Hail & Ghasha, Estidama, MERAM, Ruwais LNG, Lower Zakum, and Aramco CRPOs. We are also proud to have been officially recognized and certified as an Industry 4.0 Digital Leader by the Ministry of Industry and Advanced Technology (MoIAT), reflecting our efforts in enhancing operational efficiency, promoting sustainable growth, and increasing competitiveness within the UAE’s industrial sector.” He added: “NMDC Energy is committed to being a true pioneer for sustainability in the UAE’s energy sector. Our successful listing this quarter firmly reflects our future direction, setting the stage for further success. We are well-positioned to build on the momentum of our strong third quarter financial performance to deliver further value for our shareholders.”

NMDC Energy is poised for future growth. The company is expanding its presence in key markets, strengthening strategic partnerships, advancing its strategic objectives, and embedding sustainable practices across its operations. Recently, NMDC Energy secured a $254.6 million contract by ADNOC Gas for the next phase of the Sales Gas Pipeline Network Enhancement Program known as Estidama. In August 2024, NMDC Energy was recognized and certified as an Industry 4.0 Digital Leader by the Ministry of Industry and Advanced Technology (MoIAT), acknowledging the company’s use of advanced technologies to enhance operational efficiency, promote sustainable growth, and increase competitiveness within the UAE’s industrial sector.

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