NMDC Energy Wins $2.6 Billion Deal to Build Big Energy Project in Abu Dhabi
NMDC Energy, part of the Abu Dhabi-based NMDC Group, said on Monday that it has won a $2.6 billion (AED 9.7 billion) contract to work on a big energy project in Abu Dhabi.
New contract
The name of the company doing the energy project was not shared. According to the deal, NMDC Energy will handle the engineering, buying of materials, and construction (EPC) services for the project. The work will begin on March 31.
The whole project will be finished in 57 months, the statement said.
We are pleased to announce that we have received a letter of award for a major local engineering, procurement, and construction (EPC) project worth AED 9.7 billion.#NMDCEnergy #EPC #AbuDhabi pic.twitter.com/XTshXuk8MD
— NMDC Energy (@nmdc_energy) March 14, 2025
Shares Rise
NMDC Energy’s shares went up by 0.7% to $0.74 (AED 2.7) after the announcement. This pushed the company’s total market value to $3.7 billion (AED 13.6 trillion) as of March 17, 2025.
Full-Year Results
In 2024, NMDC Energy made a net profit of $382.8 million (AED 1.4 billion), which is 80% more than the previous year. This growth was due to strong business performance and expansion.
The company earned $3.93 billion (AED 14.44 billion) in revenue in 2024, an 82% increase from the year before.
In the last three months of 2024, NMDC Energy reported its highest-ever revenue of $1.28 billion (AED 4.7 billion), which is 57% higher compared to the same period the previous year. Net profit for the quarter grew by 35% year-on-year to $136.7 million (AED 502 million).
Forbes Ranking
NMDC is ranked second on Forbes Middle East’s list of Sustainability Leaders in the Real Estate and Construction sector.
Background Information
NMDC Group is supported by Alpha Dhabi Holding, which is part of International Holding Company (IHC). NMDC is a major company in the marine and energy industries. It has four main branches: NMDC Dredging and Marine, NMDC Energy, NMDC Construction (previously called Emirates Europe), and NMDC Engineering.
NMDC Energy began trading on the Abu Dhabi Securities Exchange (ADX) in September 2024 after its initial public offering (IPO), raising $877 million (AED 3.22 billion).
The IPO was highly popular, attracting 31.3 times more demand than available shares. Total demand reached $23.9 billion (AED 88 billion).
Published: 18th March 2025
For more article like this please follow our social media Twitter, Linkedin & Instagram
Also Read:
EU Holds First Syria Conference, Plans Aid for Rebuilding
UAE Banks’ Assets Hit $1.24 Trillion in Dec 2024: CBUAE
Emirates Islamic sells remaining shares to Emirates NBD
