NMDC Group Reports 79% Revenue Growth in H1 2024, Reaching AED 12.126 bn

• H1 2024 net profits stood at AED 1.461 billion, a 66% increase compared to the same period in 2023.
• The Group’s backlog stood strong at AED 72.6 billion in H1 2024, accounting for nearly six times their annualized first-half revenue.

Abu Dhabi, UAE: 25 July 2024 –  NMDC Group, a global leader in engineering, procurement, construction, and marine dredging (Abu Dhabi Securities Exchange: NMDC), today disclosed its financial results for the first half of 2024 (H1 2024). The Group reported a 79% increase in revenues, reaching AED 12.126 billion, compared to AED 6.765 billion in the same period last year.

Reflecting the strong growth in its strategic projects, NMDC Group reported a 66% increase in net profits for H1 2024, reaching AED 1.461 billion compared to AED 881 million in the previous year. Gross profits also surged by 109% to AED 1.731 billion, up from AED 829 million. These financial results are a testament to the Group’s operational efficiency and successful expansion through new projects, emphasizing its key role in promoting economic diversification in the region. NMDC Group’s backlog stood strong at AED 72.6 billion, accounting for nearly six times their first-half revenue annualized and demonstrating its solid presence in the market. The Group's asset value also witnessed significant growth, reaching AED 28.501 billion as of H1 2024, a rise of AED 7.654 billion since Q4 2023.

In the second quarter of 2024, NMDC Group reported a 91% revenue increase to AED 6.784 billion, up from AED 3.556 billion in the same quarter of the previous year. Net profits saw a significant rise of 42%, totaling AED 820 million, up from AED 578 million in Q2 2023. Additionally, gross profits surged by 84% to AED 929 million, compared to AED 506 million in the same period last year.

His Excellency Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group, said, "The exceptional results we have delivered are deeply rooted in the visionary guidance of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and the direction of His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. Their leadership is not only a source of inspiration but also a directive that compels us to push the boundaries of our capabilities and commit to sustainable economic progress. Our achievements reflect our alignment with their vision, showcasing our commitment to driving the UAE's prosperity and upholding its esteemed position on the global stage."

"I am extraordinarily proud of what we have achieved at NMDC Group. Our outstanding financial performance is a testament to our relentless pursuit of excellence and our strategic execution. By consistently exceeding our goals, we have strengthened our leadership in the industry. These accomplishments underscore our dedication to sustainable development and the cultivation of local talent, aligning closely with the broader objectives of the UAE's economic agenda," he added.

Eng. Yasser Zaghloul, CEO of NMDC Group, expressed his profound gratitude to the wise leadership and the company’s key shareholders for their unwavering support, adding: “The exceptional performance for the first half of the year is a testament to the continuous direction and backing of the group’s Board of Directors. We meticulously planned, executed, and observed significant advancements in our major projects, expanded our portfolio with new contracts, and reinforced our leadership position in the market. Our strategy, characterized by foresight, innovation, and a steadfast commitment to excellence, has enabled us to surpass our objectives and achieve outstanding financial results. As we aspire to the future, our focus remains on generating sustainable value for our shareholders, enhancing our operational efficiency, and expanding our global footprint.”

Further enhancing its strategic market position, NMDC Group has secured several significant contracts in 2024, demonstrating strong performance and expansion both locally and globally. Key among these is the Abu Dhabi Mangrove Channel Widening Works project, undertaken for Jubail Island Investment Company and valued at $35.2 million. Additionally, earlier this year, the Abu Dhabi National Oil Company (ADNOC) commissioned NMDC Group for two major projects: the construction of Al Nouf Artificial Island and the Das Island reclamation project, with staggering values of $136.787 million and $56.907 million, respectively.