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NMDC Group, specialised in engineering, procurement, construction, and marine dredging, today disclosed its financial results for the first half of 2024. The Group reported a 79% increase in revenues, reaching AED12.126 billion, compared to AED6.765 billion in the same period last year.
Reflecting the strong growth in its strategic projects, NMDC Group reported a 66% increase in net profits for H1 2024, reaching AED1.461 billion compared to AED881 million in the previous year.
Gross profits also surged by 109% to AED1.731 billion, up from AED829 million.
NMDC Group’s backlog stood strong at AED72.6 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 AED28.501 billion as of H1 2024, a rise of AE 7.654 billion since Q4 2023.
In the second quarter of 2024, NMDC Group reported a 91% revenue increase to AED6.784 billion, up from AED3.556 billion in the same quarter of the previous year.
Net profits saw a significant rise of 42%, totalling AED820 million, up from AED578 million in Q2 2023. Additionally, gross profits surged by 84% to AED929 million, compared to AED506 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.”