NMDC Group posts results for first 9 months of 2024

NMDC Group today announced its financial results for the nine-month period ending 30th September 2024, reporting 68 percent growth in revenues and a 45 percent surge in net profits compared to the same period last year.

“The strong performance for the nine-month period ending 30th September 2024 was underpinned by a healthy project pipeline, strategic operational expansion across the Group’s divisions, as well as NMDC Energy’s successful Initial Public Offering (IPO),” NMDC said in its official statement.

Commenting the latest news, Yasser Zaghloul, CEO of NMDC Group, said: “Our results highlight NMDC Group’s sustained momentum and ability to capitalize on market shifts, both regionally and globally.”

“By leveraging our integrated capabilities and strategic foresight, we are creating value not just for today, but for the future of the industries we serve.”

“We will continue to branch out – both vertically and horizontally – through diversification strategies aimed at maximizing added value and driving sustainable company growth.”

The Group achieved strong growth rates in net profits for the third quarter of 2024, reporting a net profit of AED 731 million ($199 million), reflecting a 16 percent increase compared to the same period of 2023.

Also, the revenue for Q3 2024 stands at AED 6.392 billion ($1.7 billion), up 50 percent from the corresponding period in 2023.