NMDC reports outstanding growth for H1 2024
The group is set to enhance its global footprint as revenues increase 79% year-on-year and net profits soar by 66%
Abu Dhabi-based NMDC Group, a specialist in engineering, procurement, construction, and marine dredging, has recorded strong results for H1 2024, with a 79% increase in its revenues – which soared to US $3.3bn. Last year’s figure was $1.85bn, the firm noted.
Announcing the financial results for the six-month period ended 30 June, NMDC explained how, reflecting the strong growth in its strategic projects, net profits surged by 66% to hit $397.8mn compared to $240mn in the previous year.
Gross profits also grew, up to 109% to $471mn from $226mn in H1 2023. The Abu Dhabi Group’s asset value has seen a significant increase, reaching $7.7bn for H1 2024, a rise of $2.08bn since Q4 2023.
In the second quarter of 2024, NMDC Group reported a 91% revenue increase to $1.84bn, up from $968mn in the same quarter of the previous year. Net profits saw a significant rise of 42%, totaling $223mn, up from $157mn in Q2 2023.
NMDC 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.”
