NMDC Energy Reports Significant Growth and Strategic Advances in 2024

In 2024, NMDC Energy experienced remarkable financial growth, with a net profit increase of 80% to AED 1.406 billion and revenues surging 82% to AED 14.44 billion. Its IPO was oversubscribed 31.3 times, reflecting strong investor confidence. The company secured a diverse project portfolio in the MENA region, with Saudi Arabia being a key contributor. NMDC is also expanding globally, notably through a $1.14 billion contract with Taiwan Power Company. The company emphasizes sustainability and local economic development, reinforcing its position as a leading EPC contractor.

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Published Sep 17, 2025

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In a remarkable display of financial and operational prowess, NMDC Energy has reported an 80% year-on-year increase in net profit, reaching AED 1.406 billion, alongside an impressive 82% surge in revenues to AED 14.44 billion in 2024. The company’s initial public offering was met with overwhelming investor enthusiasm, being oversubscribed 31.3 times, which underscores a robust confidence in its market leadership and strategic vision.

Over the past year, NMDC Energy has solidified its dominance in the MENA region, where it generates over 70% of its business. Key projects propelling this growth include the development of the Belbazam block, the Dalma gas project, and significant contracts related to Saudi Aramco’s Zuluf oil facilities upgrades and the Jafurah development program.

Particularly noteworthy is Saudi Arabia's contribution, accounting for approximately 40% of the company’s revenues. The launch of an advanced fabrication yard in Ras Al Khair, capable of producing 40,000 tonnes annually, exemplifies NMDC's commitment to supporting the Kingdom's energy expansion.

Beyond regional developments, NMDC Energy is ambitiously expanding its global reach, exemplified by a substantial $1.14 billion EPC contract with Taiwan Power Company for subsea pipelines. This contract showcases the company's adeptness in executing technically complex offshore projects across diverse geographies.

Moreover, NMDC is preparing to enter new markets in North Africa and Southeast Asia, bolstered by a newly established procurement office in China. During the Make It In The Emirates (MIITE) forum in Abu Dhabi, NMDC Energy announced several strategic partnerships and provided updates on its active project pipeline, which spans projects in Saudi Arabia, Oman, Taiwan, and Vietnam, alongside extensive operations in the UAE.

At the MIITE forum, NMDC Energy was honored with the In-Country Value (ICV) Excellence Award in the semi-governmental manufacturers category. This recognition highlights the company's dedication to fostering local industries, creating jobs, and contributing to economic growth within the UAE. NMDC’s initiatives have seen approximately AED 1.7 billion reinvested into the local economy, greatly enhancing opportunities for small and medium enterprises.

The company places a strong emphasis on workforce development, health, safety, and environmental standards, as well as digital safety solutions. These efforts are pivotal in ensuring a skilled, safe, and efficient workforce, thereby enhancing the operational excellence of NMDC Energy.

With ambitious revenue targets of AED 24.5 billion by 2028 and a robust pipeline of landmark energy projects coupled with a commitment to renewable energy, NMDC Energy is positioning itself as a formidable global player in the EPC sector. Its strategic focus on sustainability and local economic empowerment consistently ranks it among the top EPC contractors in the Middle East. The ICV Excellence Award not only celebrates NMDC Energy's contributions to the UAE’s economic landscape but also underscores its role as a catalyst for innovation, growth, and sustainable development across the region and beyond.