Abu Dhabi – Mubasher: NMDC Energy, a majority-owned subsidiary of NMDC Group, has delivered a 145% year-on-year (YoY) leap in net profit during the three-month that ended on 30 September 2024.
NMDC Energy logged net profits valued at AED 164 million in the third quarter (Q3) of 2024, compared to AED 402 million in Q3-23, according to a press release.
The higher net profits were driven by strong operational performance and strategic expansion into new projects. Meanwhile, the revenues hiked by 110% YoY to AED 3.97 billion in Q3-24.
As for the first nine months (9M) of 2024, the net profits hit AED 904 million, marking an annual surge of 122%. The revenues stood at an all-time record high after jumping by 96% YoY to AED 9.78 billion.
Mohamed Hamad Almehairi, Chairman of NMDC Energy, said: "Our impressive financial performance for this quarter tells a story of resilience, discipline and ambition, while our landmark IPO signalled our intent for the future. In the near term, we will be focused on working closely with our partners to create new opportunities.”
Ahmed Salem Al Dhaheri, CEO of NMDC Energy, commented: “We are very well positioned to build on the momentum of our strong third-quarter financial performance to deliver further value for our shareholders.”
NMDC Energy began trading on the Abu Dhabi Securities Exchange (ADX) on 11 September 2024 after its initial public offering (IPO) was oversubscribed 31.3 times.
