NMDC logs AED 2.1bn profits in 9M-24 financial results - Mubasher Info

NMDC
NMDC 9.00% 27.62 2.28

Abu Dhabi – Mubasher: National Marine Dredging Company (NMDC) posted a 68% year-on-year (YOY) growth in revenues and a 45% YoY surge in net profits during the first nine months (9M) of 2024.

The strong performance was driven by a healthy project pipeline, strategic operational expansion across the group’s divisions, as well as NMDC Energy’s initial public offering (IPO), according to a press release.

As of 30 September 2024, the revenues amounted to AED 18.51 billion, compared to AED 11.03 billion in 9M-23. Net profits increased to AED 2.19 billion from AED 1.51 billion.  

Financials for Q3-24

In the third quarter (Q3) of 2024, the group achieved net profits valued at AED 731 million, reflecting a 16% increase compared to the same period of 2023.

The revenue jumped by 50% YoY to AED 6.39 billion in the three-month period that ended on 30 September 2024.

Yasser Zaghloul, CEO of NMDC Group, stated: “Our results highlight NMDC Group’s sustained momentum and ability to capitalise on market shifts, both regionally and globally.”

“We will continue to branch out both vertically and horizontally through diversification strategies aimed at maximising added value and driving sustainable company growth,” Zaghloul added.

Last September, NMDC completed the IPO of NMDC Energy, with an oversubscription of 31.3 times.

Source: Mubasher Source: {{details.article.source}}