NMDC Group announced a significant 68% increase in revenues for the nine-month period ending 30 September 2024, along with a 45% rise in net profits compared to the same period in the previous year. This robust performance was driven by a strong project pipeline, strategic operational expansions across various divisions, and the successful initial public offering (IPO) of NMDC Energy.
During this period, NMDC Group's revenues surged to Dh18.518 billion, up from Dh11.039 billion in 2023. Net profits also saw a substantial increase, rising to Dh1.513 billion compared to Dh2.192 billion in the same period of 2023. The group's net profits for the third quarter of 2024 reached Dh731 million, marking a 16% growth compared to the previous year. Revenue for Q3 2024 stood at Dh6.392 billion, reflecting a 50% increase from the corresponding period in 2023.
Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group's Board of Directors, emphasized the group's pivotal role in supporting dynamic sectors across the UAE. He noted that the impressive financial performance not only underscores the strength of NMDC Group's business but also the health of the UAE economy. The successful listing of NMDC Energy during this quarter highlights the group's forward-focused strategy and its potential to unlock new opportunities for its partners.
Yasser Zaghloul, CEO of NMDC Group, highlighted the group's ability to capitalize on market shifts both regionally and globally. By leveraging integrated capabilities and strategic foresight, NMDC Group is creating value for the industries it serves, both now and in the future. The group plans to continue diversifying its operations to maximize added value and drive sustainable growth.
Looking ahead, NMDC Group is committed to refining its financial metrics, enhancing operational excellence, and expanding strategic investments to maintain its leadership and resilience in a constantly evolving market. The group's recent completion of the NMDC Energy IPO, which was oversubscribed 31.3 times, underscores its ongoing efforts to unlock value for partners and shareholders.
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