NMDC Group reports 112% surge in Q1 2024 net profits

NMDC Group has announced its financial results for the first quarter of 2024 (Q1 2024), reporting a 67% growth in revenues and a 112% surge in net profits compared to the same period last year.

In addition, NMDC Group announced the launch of new projects and the commencement of strategic initiatives, highlighting the company’s competitive standing in both local and international markets.

In Q1 2024, NMDC Group's revenues soared to AED5.342 billion, up 67% from AED3.208 billion in Q1 2023, marking an increase of AED2.134 billion. Net profits also saw a substantial rise, with a 112% increase from AED303 million in Q1 2023 to AED641 million, effectively doubling the Group’s profits from the previous year and highlighting a robust performance and strategic expansion into new projects.

Asset value for the Group also witnessed a 10% growth, reaching AED22.959 billion in Q1 2024, up from AED20.847 billion the previous year—an increase of AED2.112 billion.