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NMDC Energy, a subsidiary of NMDC Group, reported a 145 per cent year-on-year surge in its Q3 net profit to Dhs402m ($109m), boosted by strong operational performance and expansion into new projects.
This marks its first earnings announcement since its initial public offering (IPO) in September.
Revenue for the three months ending September 30 soared 110 per cent to Dhs3.97.5bn, the company said in a statement on Wednesday.
For the nine-month period (January-September), net profit reached Dhs904m, up 122 per cent from a year earlier, with revenue hitting a record Dhs9.78bn, a 96 per cent increase.
NMDC Energy debut on ADX
NMDC Energy debuted on the Abu Dhabi Securities Exchange (ADX) on September 11 after an IPO that was oversubscribed by 31.3 times.
“NMDC Energy is at the core of the UAE’s economic development,” said chairman Mohamed Hamad Almehairi. “Our strong financial performance highlights resilience and ambition, while our IPO sets the stage for future growth.”
CEO Engineer Ahmed Salem Al Dhaheri attributed the robust results to strategic projects, including Hail & Ghasha, Estidama, and Ruwais LNG. A
Al Dhaheri also noted the company’s recognition as an Industry 4.0 Digital Leader by the Ministry of Industry and Advanced Technology, reflecting its focus on operational efficiency and sustainability.
NMDC Energy plans to deepen its market presence and expand its partnerships.
In September, it secured a $254.6m contract from ADNOC Gas for the Sales Gas Pipeline Network Enhancement Program.