Abu Dhabi – Mubasher: NMDC Energy, a subsidiary of National Marine Dredging Company (NMDC), registered AED 1.40 billion in net profit during the 12-month period that ended on 31 December 2024.
The annual earnings were higher by 80% than AED 780.42 million in 2023, according to the financial results.
Contract revenues hit AED 14.44 billion in 2024, marking an 82% year-on-year (YoY) hike from AED 7.94 billion.
Basic and diluted earnings per share (EPS) attributable to the shareholders of NMDC Energy increased to AED 0.62 last year from AED 0.34 in 2023.
Total assets amounted to AED 16.53 billion as of 31 December 2024, an annual increase from AED 13.02 billion.
Ahmed Salem Al Dhaheri, CEO of NMDC Energy, said: “We are proud of the milestone projects that we have been working on globally, including our recently inaugurated advanced fabrication yard in KSA and our prestigious EPC contract awarded by Taiwan Power Company (Taipower), further solidifying our internationally-exportable expertise.”
“As we look ahead into 2025, we continue to place sustainability, strategic international expansion and operational efficiency at the heart of NMDC Energy’s winning formula for the energy business,” Al Dhaheri stated.
He concluded: “The momentum created by our recent initiatives and strong financial results has set the stage for us to strengthen our core market and to unlock future growth and value creation both nationally and globally.”
Income Results for Q4-24
During the fourth quarter (Q4) of 2024, the company achieved record a 35% YoY growth in its net profits to AED 502 million. Meanwhile, the revenues jumped by 57% to AED 4.70 billion.
Dividends
The board members of NMDC Energy proposed a total cash dividend of AED 700 million for 2024.
In this regard, the ADX-listed group will pay out a dividend of AED 14 per share.
The 50% dividend payout is subject to the approval of the shareholders during the general assembly meeting.
