According to Amac News, based on the company’s announcement, net profit after tax also increased by 44% compared to 2023 to AED3.1 billion.
Earnings per share increased by 36% and total assets reached AED33.2 billion, which is 59% more than at the end of 2023.
In addition, NMDC Group reported a net profit of AED 916 million in the fourth quarter of 2024, which is an increase of 43% compared to the same period in 2023.
Also, revenue in the fourth quarter of 2024 increased to AED7.7 billion, which is 37% more than the same period in 2023.
During 2024, NMDC Group listed 23% of NMDC Energy through an IPO, which raised cash proceeds of AED2.8 billion. Of this amount, the Group returned AED 2 billion to its shareholders through an interim special dividend.
Also, following the Group’s outstanding performance during the year, the Board of Directors proposed a final cash dividend of AED701 million for the financial year ending December 31, 2024, which will be 83 fils per share and will require shareholder approval at the Group’s upcoming general meeting. This will take the Group’s dividend yield to 12.9% and the dividend payout ratio to 91%.
NMDC Group has been expanding, particularly in East and Southeast Asia, with the Group entering into preliminary agreements for major coastal protection projects with Vietnam and also receiving a major EPC contract for a subsea pipeline in Taiwan.
2024 was marked as a year of expansion for the NMDC family with the launch of a new entity, NMDC LTS, to focus on regional demand in logistics and services. This move followed the strategic announcement of the acquisition of a controlling stake in Emdad LLC, marking NMDC Group’s first foray into oilfield services.
Alongside its growth activities, NMDC Group has been actively implementing several organizational initiatives to future-proof its business.
The Group has introduced AI-based initiatives across its operations to improve safety and efficiency and enhance environmental performance.
In 2024, NMDC Group received an interim AA (Leader) ESG rating from MSCI, one of the highest ratings received in the UAE’s construction and engineering sector, in recognition of its sustainability efforts.