An increased global presence – both vertically and horizontally – helped Abu Dhabi-based NMDC Group post solid full-year and fourth-quarter financial results for 2024.
Full-year revenue increased a remarkable 57 per cent compared to 2023 to reach AED 26.3 billion ($7.16 billion). Net profit after tax climbed by 44 per cent YoY to AED 3.1 billion ($840 million) compared to 2023. Earnings per share rose by 36 per cent and total assets stood at AED 33.2 billion ($9 billion), up by 59 per cent.
The group’s net profit for Q4 2024 was AED 916 million ($249.4 million), a 43 per cent increase compared to the same period of 2023, while revenue increased 37 per cent to AED 7.7 billion ($2.1 billion).
NMDC Group expands globally
During 2024, NMDC Group expanded further into East & Southeast Asia with a preliminary agreement for large-scale coastal protection projects with Vietnam’s Vingroup, in addition to being awarded a large EPC contract for a subsea pipeline in Taiwan.
The group also launched NMDC LTS to focus on the regional demand for logistics and services. This was closely followed by the announcement of the acquisition of a controlling stake in Emdad LLC, marking NMDC Group’s first entry into oilfield services.
In June 2024, NMDC Energy, in collaboration with Technip Energies, was awarded a $5.5 billion contract by ADNOC for the engineering, procurement, and construction (EPC) of the LNG Growth Project, of which NMDC Energy’s share was 20 per cent.
Through NMDC Energy, the group has also inaugurated an advanced fabrication yard in Ras Al Khair, Saudi Arabia. The 400,000 sqm facility, part of the Ras Al Khair Special Economic Zone, has a production capacity of 40,000 tonnes per year.
Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of the Board of Directors of NMDC Group, commented: “It was a landmark year for NMDC Group where we delivered a series of historic initiatives that have brought depth and diversification to our business and created immense value for our shareholders. As a continuously evolving integrated energy and marine provider, our growth mindset and leading capabilities position us to leverage new opportunities in 2025 and beyond.”
Yasser Zaghloul, CEO of NMDC Group, added: “Our results show the relentless pace of our growth momentum as well as our ability to capture local, regional, and global opportunities arising from the dynamic industries that we serve.
“What’s been impressive is that our growth has been horizontal and vertical, bringing short-term impact as well as long-term value for our stakeholders with benefits felt across the energy and marine landscape. As we look ahead, we will continue to explore diversification strategies aimed at advancing high-growth opportunities.”
The board of directors proposed a final cash dividend of AED 701 million for the financial year ending 31 December 2024, representing a cash dividend of 83 fils per share. This would take the Group’s dividend yield to 12.9 per cent and dividend payout ratio to 91 per cent.
During the year, NMDC Group listed 23 per cent of NMDC Energy through an IPO which generated AED 2.8 billion of cash proceeds. Off this, the group returned AED 2 billion to its shareholders through a special interim dividend distribution.
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