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NMDC Group Announces Financial Results for Q1 2024, Reporting 112% Surge in Net Profits

3 May 2024
  • Q1 2024 revenues stood at AED 5.3 billion, a 67% increase compared to the same period in 2023.
  • Q1 2024 net profits stood at AED 641 million, a 112% increase compared to the same period in 2023.

Abu Dhabi, UAE: 3 May 2024 –  NMDC Group, a global leader in engineering, procurement, construction, and marine dredging (Abu Dhabi Securities Exchange: NMDC), has announced its financial results for the first quarter of 2024 (Q1 2024), reporting a 67% growth in revenues and a 112% surge in net profits compared to the same period last year. In addition, NMDC Group announced the launch of new projects and the commencement of strategic initiatives, highlighting the company’s competitive standing in both local and international markets.

In Q1 2024, NMDC Group's revenues soared to AED 5.342 billion, up 67% from AED 3.208 billion in Q1 2023, marking an increase of AED 2.134 billion. Net profits also saw a substantial rise, with a 112% increase from AED 303 million in Q1 2023 to AED 641 million, effectively doubling the Group’s profits from the previous year and highlighting a robust performance and strategic expansion into new projects

These financial milestones in Q1 2024 underscore the strength of NMDC Group's financial health and strategic positioning, as it achieves unprecedented profitability amid significant operational expansion. This success is underpinned by a comprehensive strategy focused on enhancing value for partners and shareholders.

Asset value for the Group also witnessed a 10% growth, reaching AED 22.959 billion in Q1 2024, up from AED 20.847 billion the previous year—an increase of AED 2.112 billion. To date, in 2024, NMDC Group has been awarded contracts worth AED 3.3 billion, further solidifying its market position.

His Excellency Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of the Board of Directors of NMDC Group, credited these financial achievements to the visionary leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, alongside the diligent oversight of His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Chairman of the Executive Council of Abu Dhabi. He emphasized their unwavering support as critical in driving the Group towards new heights of growth, expansion, and lasting financial success.

His Excellency added: "At NMDC Group, we are committed to enhancing the sustainable impact on our financial outcomes. By leveraging our innovative services and solutions, we aim to foster growth and expansion both locally and internationally. This aligns with our ambitious goals and strategies for advancing development, driving market expansion, and providing flexible and effective solutions that adhere to the highest standards of sustainability. Our efforts are dedicated to supporting broad economic development goals and ensuring the satisfaction of our customers and partners."

Eng. Yasser Zaghloul, CEO of NMDC Group, stated, “NMDC Group is uniquely positioned to address the demands of both local and global markets, thanks to our extensive capabilities and integrated operational solutions. Our approach ensures seamless coordination across all facets of the company, boosting both our operational efficiency and financial outcomes. This strategic alignment not only underscores our significant growth and institutional development but also keeps us in step with international industry standards. Our active sectors are pivotal in driving sustainable economic development."

Zaghloul further noted, “As we look forward, our focus is on sharpening our financial indicators, optimizing our operational processes to enhance profitability and revenue, and expanding our asset portfolio. These initiatives are designed to meet the expectations of our partners and shareholders, and to accelerate comprehensive economic growth. Our strategy is built on a solid foundation of past achievements and the strategic acquisition of new projects. We are excited to work alongside our strategic partners to roll out these projects in the next phase.”

NMDC Group remains committed to executing strategic projects that meet the highest standards of quality, efficiency, sustainability, and safety, thus ensuring substantial value creation for all shareholders and strategic partners across local, regional, and global levels. Additionally, NMDC Group's CEO, Yasser Zaghloul, has been recognized for his leadership excellence, ranking 18th among the Top 100 CEOs in the region and among the top 10 in the UAE by Forbes Middle East.

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