NMDC reports 79% revenue growth in H1
- 25 Jul 2024
NMDC Group, specialised in engineering, procurement, construction, and marine dredging, disclosed its financial results for the first half (H1) of 2024. The Group reported a 79 per cent increase in revenues, reaching Dhs12.126 billion, compared to Dhs6.765 billion in the same period last year.
Reflecting the strong growth in its strategic projects, NMDC Group reported a 66 per cent increase in net profits for H1, 2024, reaching Dhs1.461 billion compared to Dhs881 million in the previous year.
Gross profits also surged by 109 per cent to Dhs1.731 billion, up from Dhs829 million.
NMDC Group’s backlog stood strong at Dhs72.6 billion, accounting for nearly six times their first-half revenue annualised and demonstrating its solid presence in the market.
The Group’s asset value also witnessed significant growth, reaching Dhs28.501 billion as of H1 of 2024, a rise of Dhs7.654 billion since Q4 2023.
In the second quarter of 2024, NMDC Group reported a 91 per cent revenue increase to Dhs6.784 billion, up from Dhs3.556 billion in the same quarter of the previous year.
Net profits saw a significant rise of 42 per cent, totalling Dhs820 million, up from Dhs578 million in Q2 of 2023. Additionally, gross profits surged by 84 per cent to Dhs929 million, compared to Dhs506 million in the same period last year.
Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group, 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.”
