NMDC Energy JCSJ (ADX: NMDCENR), a subsidiary of NMDC Group, has announced robust financial results for Q3 2024, its first earnings report since its recent IPO.
The company reported a 145% year-on-year surge in net profit, rising from AED 164 million to AED 402 million, driven by strong operational performance and expansion into new projects. Revenues for the quarter also increased significantly, reaching AED 3.975 billion, a 110% jump compared to Q3 2023.
For the first nine months of 2024, NMDC Energy achieved record growth, with net profits of AED 904 million, reflecting a 122% rise from the same period last year. Revenues during this period hit an all-time high of AED 9.78 billion, up 96%.
Chairman Mohamed Hamad Almehairi commented,
"Our financial results showcase resilience and ambition, reflecting our role in the UAE's energy sector."
CEO Eng. Ahmed Salem Al Dhaheri added,
"Our solid Q3 results mark a key milestone since our listing, with strategic projects like Hail & Ghasha and Lower Zakum driving revenue growth."
NMDC Energy, which began trading on ADX on 11th September 2024, following an oversubscribed IPO, continues to expand its market presence and strengthen partnerships. The company was recently awarded a $254.6 million contract by ADNOC Gas for the Sales Gas Pipeline Network Enhancement Program, Estidama. NMDC Energy was also recognized as an Industry 4.0 Digital Leader by the Ministry of Industry and Advanced Technology (MoIAT) for its efforts in promoting sustainable growth and operational efficiency.
News Source: Emirates News Agency
