UAE’s NMDC Energy says its 2024 profit grew by 80% to $383 million

BY THE ARAB TODAY Jan 31, 2025

UAE’s NMDC Energy says its 2024 profit grew by 80% to $383 million

NMDC Energy, a part of the Abu Dhabi-based NMDC Group, made a net profit of $382.8 million (AED 1.4 billion) in 2024. This is 80% more than last year, mainly because of good business performance and growth efforts.

NMDC Energy Results

In 2024, NMDC Energy made $3.93 billion (AED 14.44 billion) in revenue, which is 82% more than the previous year, according to a statement on Thursday.

The company’s earnings per share also grew by 82% to 17 cents (AED 0.62).

The board suggested paying a total cash dividend of $190.5 million (AED 700 million) for 2024, which means each share will get 14 fils.

In the last three months of 2024, NMDC Energy earned a record-high revenue of $1.28 billion (AED 4.7 billion), up 57% from the same period the year before. The company’s net profit for the quarter increased by 35% to $136.7 million (AED 502 million).

By the end of 2024, NMDC Energy had projects worth $13.7 billion (AED 50.4 billion) lined up.

ADX Listing

NMDC Energy started trading on the Abu Dhabi Securities Exchange (ADX) in September 2024 after raising $877 million (AED 3.22 billion) through an initial public offering (IPO).

The IPO was very popular, with demand reaching $23.9 billion (AED 88 billion), which was 31.3 times more than the shares available. Around 0.17% of the shares went to small investors, while 6% went to large investors.

As of January 29, 2025, the company is valued at $5.74 billion (AED 21.09 billion).

About NMDC Group

NMDC Group is a big company in the marine and energy industries. It is supported by Alpha Dhabi Holding, a Middle Eastern investment company that is part of International Holding Company (IHC). The group includes four main companies: