(MENAFN- Khaleej Times)
NMDC Group on Thursday reported a 79 per cent increase in revenues, reaching Dh12.126 billion, for the first half of 2024.
The group reported a 66 per cent increase in net profits for H1 2024, reaching Dh1.461 billion compared to Dh881 million in the previous year. Gross profits also surged by 109 per cent to Dh1.731 billion, up from Dh829 million.
NMDC Group's backlog stood strong at Dh72.6 billion, accounting for nearly six times their first-half revenue annualised. The Group's asset value also witnessed significant growth, reaching Dh28.501 billion as of H1 2024, a rise of Dh7.654 billion since Q4 2023.
In the second quarter of 2024, NMDC Group reported a 91 per cent revenue increase to Dh6.784 billion, up from Dh3.556 billion in the same quarter of the previous year. Net profits saw a significant rise of 42 per cent, totaling Dh820 million, up from Dh578 million in Q2 2023. Additionally, gross profits surged by 84 per cent to Dh929 million, compared to Dh506 million in the same period last year.
Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of NMDC Group, said,“The exceptional results we have delivered are deeply rooted in the visionary guidance of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and the direction of His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. Their leadership is not only a source of inspiration but also a directive that compels us to push the boundaries of our capabilities and commit to sustainable economic progress. Our achievements reflect our alignment with their vision, showcasing our commitment to driving the UAE's prosperity and upholding its esteemed position on the global stage.”
“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.
Eng. Yasser Zaghloul, CEO of NMDC Group, 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.”
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. 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.
MENAFN26072024000049011007ID1108487527
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.