NMDC Group's Revenue and Profit Surge Amidst Strategic Expansion

NMDC Group reported a 68% increase in revenues and a 45% rise in net profits for the nine months ending September 2024. The company's growth was driven by a healthy project pipeline, strategic expansion, and a successful IPO of NMDC Energy, underscoring robust performance and market adaptability.

In a remarkable financial turn, the NMDC Group announced a substantial 68% revenue increase and a 45% rise in net profits for the first nine months of 2024, compared to the same period last year. This growth is attributed to a robust project pipeline and a significant operational expansion across divisions, alongside the successful Initial Public Offering (IPO) of NMDC Energy.

For the period ending September 30, 2024, NMDC's revenue soared to AED 18.518 billion from AED 11.039 billion in the prior year. Net profits jumped to AED 2.192 billion from AED 1.513 billion, marking the Group's strategic leap into new projects. Third-quarter results also reflected this upward trajectory, with net profits of AED 731 million, a 16% increase from 2023, and revenues of AED 6.392 billion, up 50% from the previous year.

Chairman Mohamed Thani Murshed Ghannam Al Rumaithi noted NMDC's role in powering UAE's dynamic sectors, highlighting the quarter's strategic initiatives and NMDC Energy's listing success as pivotal. CEO Yasser Zaghloul emphasized NMDC's resilient momentum, leveraging capabilities for value creation and future sustainability, pledging continued diversification and strategic investment expansion.

(With inputs from agencies.)