NMDC Group, a prominent player in engineering, procurement, construction, and marine dredging, has released its financial results for the nine months ending September 30, 2024. The company experienced a remarkable 68% increase in revenues and a 45% rise in net profits compared to the same period last year.
For the nine-month period, NMDC Group’s revenues reached AED 18.518 billion, a significant jump from AED 11.039 billion in 2023. Net profits surged from AED 1.513 billion in the previous year to AED 2.192 billion, reflecting a strong performance and strategic expansion into new projects.
The Group also reported robust growth in net profits for the third quarter of 2024, posting AED 731 million, which is a 16% increase from Q3 2023. Revenue for the third quarter was AED 6.392 billion, marking a 50% rise compared to the same period last year.
Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of the Board of Directors of NMDC Group, commented, “NMDC Group is essential in driving growth in various sectors across the UAE. Our strong financial results not only highlight our business strength but also reflect the overall health of the UAE economy. This quarter has been significant, with the successful listing of NMDC Energy and the execution of several strategic initiatives, demonstrating our commitment to unlocking new opportunities and delivering value to our partners.”
Yasser Zaghloul, CEO of NMDC Group, added, “Our results underscore NMDC Group’s ongoing momentum and our capacity to adapt to market changes at both regional and global levels. By utilizing our integrated capabilities and strategic vision, we aim to create lasting value for the industries we serve. We plan to expand both vertically and horizontally through diversification strategies that enhance value and promote sustainable growth.”
Looking ahead, Zaghloul emphasized the company’s dedication to improving financial performance, driving operational excellence, and increasing strategic investments, ensuring NMDC Group’s continued leadership and resilience in a constantly evolving market.
