On Tuesday, NMDC Energy announced a 25% increase in its net profit year-over-year for the first quarter, rising from Dh174 million in Q1 2024 to Dh217 million in Q1 2025. This growth was attributed to strong operational performance and the expansion into new projects both domestically and internationally.
The company’s revenues surged to Dh3.7 billion, reflecting a 75% rise compared to the same period in the previous year. Earnings per share increased by 25%, reaching Dh0.04, while total assets amounted to Dh16.3 billion as of the end of March 2025. In Q1 2025, the total value of projects awarded reached Dh13.9 billion, and NMDC Energy’s backlog was recorded at Dh56.3 billion, indicating a robust pipeline of upcoming projects.
During the first quarter of 2025, NMDC Energy successfully qualified for inclusion in the MSCI small cap Index, a significant provider of global equity and fixed income indices, during their rebalancing process in February 2025. This addition followed NMDC Energy’s public listing in September 2024.
The initial quarter of the year continued the growth pattern seen in 2024, with NMDC Energy achieving several strategic milestones. The company opened a 400,000 sqm modern facility in the Ras Al Khair Special Economic Zone in Saudi Arabia. Additionally, NMDC Energy secured a three-year extension of its Long-Term Agreement (LTA) with Aramco, marking another significant achievement in the Saudi market. The firm was also awarded a notable EPC contract by Taiwan Power Company (Taipower) for the installation of pipelines for the Tung-Hsiao Power Plant.
Mohamed Hamad Almehairi, Chairman of NMDC Energy, stated: “NMDC Energy has commenced 2025 with exceptional momentum, building on our strong performance from 2024 to reinforce our leadership in the regional energy sector. We continue to make significant progress by expanding our project pipeline and enhancing our international presence. Our activities remain focused on facilitating economic growth and supporting national objectives, while we also collaborate with partners in sustainability initiatives, job creation, and health and safety, demonstrating our commitment to positive impact wherever we operate.”
Eng. Ahmed Salem Al Dhaheri, CEO of NMDC Energy, expressed: “We are excited to start 2025 with a strong financial performance that builds on last year’s successes. As we strengthen our local operations, we have also marked significant achievements internationally, including the opening of our advanced facility in Saudi Arabia and our increased presence in East Asia. Our results reflect years of strategic decision-making and ambition in our sectors. We are focused on implementing cutting-edge technologies and enhancing operational efficiency. Looking ahead, we anticipate that the momentum we’ve gained this quarter, combined with our previous successes, will unlock further growth and value creation on both national and global levels.”
Expansion into International Markets
NMDC Energy has inaugurated an advanced fabrication yard in Ras Al Khair, Saudi Arabia. This state-of-the-art facility, spanning 400,000 sqm, has a production capacity of 40,000 tonnes per year and will cater to both offshore facility fabrication and onshore modularization. The company invested Dh200 million in this yard to create a productive, safe, and environmentally responsible environment, incorporating the latest technologies to enhance efficiency and minimize environmental impact.
Additionally, NMDC Energy has signed a three-year extension for its Long-Term Agreement (LTA) with Aramco, which signifies another strategic growth milestone for the company in Saudi Arabia. Under this agreement, NMDC Energy will provide comprehensive engineering services, material procurement, fabrication, transportation, installation, and pre-commissioning of offshore facilities associated with projects in Saudi territorial waters. This agreement builds on a previous LTA signed in 2016, which led to NMDC Energy’s participation in multiple high-value projects.
Maintaining its leadership role, NMDC Energy continues to drive major projects, accelerate innovation, and make substantial progress that evidences its commitment to excellence. The company received a prestigious EPC contract from Taiwan Power Company (Taipower) for the installation of a subsea pipeline for the Tung-Hsiao Power Plant’s second phase renewal. This $1.14 billion project includes the design, construction, and installation of 111 kilometers of subsea pipeline to be laid at varying depths between 10 meters and 55 meters, connecting Taichung and Tung-Hsiao along Taiwan’s west coast.
As a catalyst for the future of energy, NMDC Energy recognizes the essential and immediate actions needed to align the sector with global realities. The company is dedicated to forming strategic partnerships and engaging in landmark projects in the UAE and beyond, consistently leading the way for advancement in the global energy industry.