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Abu Dhabi’s NMDC Group profit up 45%

Yasser Zaghloul, CEO of NMDC Group, said the profit growth reflects: “sustained momentum and ability to capitalise on market shifts" NMDC Group
Yasser Zaghloul, CEO of NMDC Group, said the profit growth reflects: 'sustained momentum and ability to capitalise on market shifts'
  • NMDC profit hit $600m
  • Boosted by NMDC Energy IPO
  • Shares jumped 10%

Engineering company NMDC Group’s net profit has increased 45 percent in the year to date compared with the same period last year, the group announced on Sunday.

By September 30 NMDC’s net profits increased to AED2.2 billion ($600 million) from AED1.5 billion in the same period in 2023. Revenues rose by 68 percent to AED18.5 billion.

Abu Dhabi’s NMDC Group provides engineering, procurement, construction and marine dredging services. Shares in the company jumped roughly 10 percent on the announcement to AED27.8.

The group attributed its success to a healthy project pipeline, strategic expansion, and NMDC Energy’s successful IPO in September.

The NMDC Energy IPO was the UAE’s biggest of the year and was oversubscribed 31 times. The IPO raised $887 million, and shares rose 20 percent on the same day the company was listed on the ADX.

Yasser Zaghloul, CEO of NMDC Group, said: “Our results highlight NMDC Group’s sustained momentum and ability to capitalise on market shifts, both regionally and globally. By leveraging our integrated capabilities and strategic foresight, we are creating value not just for today, but for the future of the industries we serve. 

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