On Thursday, the NMDC Group announced a 79% surge in revenues, hitting Dh12.126 billion for the first half of 2024. The group's net profits jumped by 66% to Dh1.461 billion from Dh881 million in the previous year. Gross profits also saw a dramatic increase, rising by 109% to Dh1.731 billion from Dh829 million.
The NMDC Group's backlog remained robust at Dh72.6 billion, nearly six times its first-half revenue annualized. The group's asset value also experienced substantial growth, reaching Dh28.501 billion as of H1 2024, an increase of Dh7.654 billion since Q4 2023.
In the second quarter of 2024, NMDC Group's revenues soared by 91% to Dh6.784 billion from Dh3.556 billion in the same quarter of the previous year. Net profits rose significantly by 42%, totaling Dh820 million, up from Dh578 million in Q2 2023. Gross profits also surged by 84% to Dh929 million, compared to Dh506 million in the same period last year.
Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group, expressed, "Our remarkable achievements are deeply influenced by the visionary leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and the guidance of His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. Their leadership inspires us to exceed our capabilities and commit to sustainable economic growth. Our success mirrors our alignment with their vision, highlighting our dedication to advancing the UAE's prosperity and maintaining its prestigious global standing."
Eng. Yasser Zaghloul, CEO of NMDC Group, commented: "The exceptional first-half performance is a reflection of the continuous support and direction from the group's Board of Directors. We have meticulously planned and executed our major projects, expanded our portfolio with new contracts, and strengthened our market leadership. Our strategic focus on foresight, innovation, and excellence has enabled us to exceed our goals and achieve remarkable financial results. Looking ahead, our priorities include creating sustainable value for our shareholders, improving operational efficiency, and expanding our global presence."
In 2024, NMDC Group secured several significant contracts, showcasing its strong performance and global expansion. Notable projects include the Abu Dhabi Mangrove Channel Widening Works for Jubail Island Investment Company, valued at $35.2 million, and two major projects for ADNOC: the construction of Al Nouf Artificial Island and the Das Island reclamation project, valued at $136.787 million and $56.907 million, respectively.
