Abu Dhabi – Mubasher: National Marine Dredging Company (NMDC) recorded net profits after tax valued at AED 3.10 billion in 2024, an annual leap of 44% from AED 2.15 billion.
Revenue from contracts with customers amounted to AED 26.26 billion in 2024, up 57% year-on-year (YoY) from AED 16.70 billion.
Basic and diluted earnings per share (EPS) attributable to equityholders of the company increased to AED 3.55 as of 31 December 2024 from AED 2.61 in 2023.
In the fourth quarter (Q4) of 2024, NMDC posted 43% YoY higher net profits at AED 916 million. Meanwhile, the revenues increased by 37% YoY to AED 7.70 billion.
The robust financial performance was backed by increased global presence both vertically and horizontally. NMDC Group expanded further into East and Southeast Asia with a preliminary agreement for large-scale coastal protection projects with Vietnam’s Vingroup, in addition to a project award for a subsea pipeline in Taiwan.
In 2024, NMDC launched a new entity, NMDC LTS, to focus on the regional demand for logistics and services. This was followed by a strategic acquisition of a controlling stake in Emdad LLC, marking the group’s first entry into oilfield services.
During 2024, NMDC listed 23% of NMDC Energy through an initial public offering (IPO) that generated AED 2.80 billion of cash proceeds, of which the group returned AED 2 billion to its shareholders through a special interim dividend distribution.
Cash Dividends
The board of directors proposed a final cash dividend of AED 701 million for 2024, which is subject to shareholders’ approval at the upcoming general assembly meeting.
The group will pay out a cash dividend of 83 fils per share, bringing the dividend yield to 12.90% and the dividend payout ratio to 91%.
In the January-September 2024 period, NMDC witnessed 68% YoY higher net profits worth AED 2.19 billion.
