ABU DHABI: NMDC Group, a leader in engineering, procurement, construction, and marine dredging, announced today that it has received approval from the Securities and Commodities Authority and the Abu Dhabi Securities Exchange (ADX) to proceed with an Initial Public Offering (IPO) of a portion of its NMDC Energy shares.
The Group is set to offer 1.150 billion shares (1,150,000,000) at AED 2.8 per share. The subscription period will open on Friday, 30th August, 2024, for individual investors in the UAE and will remain open until 4th September, 2024, for qualified and professional investors.
Backed by Alpha Dhabi Holding, a fast-growing investment company in the Middle East and a subsidiary of International Holding Company (IHC), NMDC Group has a strong track record of delivering major projects with innovative and cost-effective solutions.
This IPO presents an attractive opportunity for investors to engage in NMDC Energy’s promising growth trajectory.
As a driving force behind Abu Dhabi’s development, NMDC G
roup plays a crucial role in advancing the UAE’s vision of a modern, progressive landscape and boosting the local economy. The Group’s extensive expertise enhances infrastructure across the region, with a strong commitment to sustainability and environmental conservation.
Leading the way in engineering, procurement, and construction, NMDC Group consistently delivers innovative and high-impact projects that propel regional economic growth. Its dedication to operational excellence, cutting-edge solutions, and sustainable practices underscores its reputation as a trusted and strategic partner in the industry, shaping the future of infrastructure and development in the UAE and beyond.
NMDC Energy, a key subsidiary of NMDC Group, provides integrated solutions in the energy sector, including engineering, procurement, and construction services. The company operates modern manufacturing facilities in Abu Dhabi, covering 1.3 million square meters. As of 30th June, 2024, NMDC Energy’s backlog were valued at approxima
tely AED 54 billion, spanning diverse sectors and regions. The company has successfully executed over 1,200 strategic projects, including the construction of more than 1,360 facilities and the installation of approximately 8,000 kilometres of onshore and offshore pipelines and 2,000 kilometres of submarine cables.
With over 50 years of global experience, NMDC Energy boasts a diverse international portfolio with a strong presence in the UAE, Saudi Arabia, Kuwait, India, and Taiwan. To further expand its capabilities, the company is developing a new 400,000-square-meter manufacturing facility at Ras Al Khair Port in Saudi Arabia.
In its recent financial results for the first half of 2024, NMDC Group reported a 79 percent increase in revenue, reaching approximately AED12.126 billion, compared to AED6.765 billion in the first half of 2023. Net profits rose by 66 percent to approximately AED1.461 billion, up from AED881 million in the same period last year.
The Group’s asset value also grew significantly, reach
ing approximately AED28.501 billion during the first half of 2024, up from AED 20.847 billion at the end of 2023, an increase of AED 7.654 billion.
Source: Emirates News Agency