NMDC Group Achieves Significant Financial Growth in 2024
Abu Dhabi, UAE – NMDC Group, a leader in engineering, procurement, construction, and marine dredging, has reported remarkable financial results for the first nine months of 2024. The company saw a 68% increase in revenues, reaching AED 18.518 billion, and a 45% rise in net profits, totaling AED 2.192 billion, compared to the same period in 2023.
The growth was driven by a robust project pipeline, strategic expansion, and the successful IPO of NMDC Energy. In the third quarter of 2024, NMDC Group’s net profit was AED 731 million, a 16% increase from the previous year, with revenues of AED 6.392 billion, up 50% from Q3 2023.
Leadership Insights
Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group, emphasized the company’s role in the UAE’s economic strength and highlighted the successful strategic initiatives, including NMDC Energy’s listing. CEO Yasser Zaghloul noted the company’s ability to adapt to market changes and its commitment to sustainable growth through diversification strategies.
Looking forward, NMDC Group aims to enhance financial metrics, operational excellence, and strategic investments to maintain its leadership in a dynamic market.
Doubts Revealed
NMDC Group -: NMDC Group is a company that works in engineering and marine dredging, which means they help with construction and cleaning up water bodies like rivers and harbors. They are known for their big projects around the world.
Revenue Growth -: Revenue growth means the company is earning more money than before. In this case, NMDC Group earned 68% more money than they did previously.
Profit Surge -: Profit surge means the company made a lot more money after paying all their expenses. NMDC Group’s profits increased by 45%.
IPO -: IPO stands for Initial Public Offering. It is when a company sells its shares to the public for the first time to raise money. NMDC Energy had a successful IPO, which helped the company grow.
AED -: AED is the currency of the United Arab Emirates, called the Dirham. It is used to measure the company’s earnings in this report.
Chairman -: The Chairman is the person who leads the board of directors in a company. Mohamed Al Rumaithi is the Chairman of NMDC Group.
CEO -: CEO stands for Chief Executive Officer. This person is the highest-ranking executive in a company, responsible for making major decisions. Yasser Zaghloul is the CEO of NMDC Group.