Abu Dhabi-based NMDC Group, a global leader in engineering, procurement, construction, and marine dredging, has recorded solid results for the first half with a 79% increase in its revenues which soared to AED12.126 billion ($3.3 billion) from the last year's figure of AED6.8 billion ($1.85 billion).

 

Announcing the financial results for the six-month period ended June 30, 2024, NMDC said reflecting the strong growth in its strategic projects, its net profits surged by 66% to hit AED1.461 billion compared to AED881 million in the previous year. 

 

Gross profits also surged by 109% to AED1.731 billion, up from AED829 million. These financial results are a testament to the Group’s operational efficiency and successful expansion through new projects, emphasizing its key role in promoting economic diversification in the region.

 

NMDC Group’s backlog stood strong at AED72.6 billion, accounting for nearly six times their first-half revenue annualized and demonstrating its solid presence in the market. 

 

The Abu Dhabi Group's asset value also witnessed significant growth, reaching AED28.501 billion as of H1 2024, a rise of AED7.654 billion since Q4 2023. 

 

In the second quarter of 2024, NMDC Group reported a 91% revenue increase to AED6.784 billion, up from AED3.556 billion in the same quarter of the previous year. Net profits saw a significant rise of 42%, totaling AED820 million, up from AED578 million in Q2 2023. 

 

Additionally, gross profits surged by 84% to AED929 million, compared to AED506 million in the same period last year.

 

Lauding the leadership for their solid backing, Group Chairman Mohamed Thani Murshed Ghannam Al Rumaithi said: "I am extraordinarily proud of what we have achieved at NMDC Group. Our outstanding financial performance is a testament to our relentless pursuit of excellence and our strategic execution."

 

"By consistently exceeding our goals, we have strengthened our leadership in the industry. These accomplishments underscore our dedication to sustainable development and the cultivation of local talent, aligning closely with the broader objectives of the UAE's economic agenda," he added.

 

CEO Engineer Yasser Zaghloul said: "The exceptional performance for the first half of the year is a testament to the continuous direction and backing of the group’s Board of Directors. We meticulously planned, executed, and observed significant advancements in our major projects, expanded our portfolio with new contracts, and reinforced our leadership position in the market."

 

"Our strategy, characterized by foresight, innovation, and a steadfast commitment to excellence, has enabled us to surpass our objectives and achieve outstanding financial results. As we aspire to the future, our focus remains on generating sustainable value for our shareholders, enhancing our operational efficiency, and expanding our global footprint." he added.

 

Further enhancing its strategic market position, NMDC Group has secured several significant contracts in 2024, demonstrating strong performance and expansion both locally and globally. 

 

Key among these is the Abu Dhabi Mangrove Channel Widening Works project, undertaken for Jubail Island Investment Company and valued at $35.2 million, said NMDC in its statement. 

 

Additionally, earlier this year, the Abu Dhabi National Oil Company (ADNOC) commissioned NMDC Group for two major projects: the construction of Al Nouf Artificial Island and the Das Island reclamation project, with staggering values of $136.787 million and $56.907 million, respectively, it added.-TradeArabia News Service