Abu dhabi: NMDC Energy PJSC (ADX: NMDCENR), a provider of engineering, procurement and construction services for offshore and onshore energy clients and a majority-owned subsidiary of NMDC Group PJSC (ADX: NMDC), has joined a group of 15 listed entities, known as the FADXI15, forming a Shari’ah-compliant index for global Islamic investors.
This new index was launched by FTSE Russell, an LSEG business, and Abu Dhabi Securities Exchange (ADX) to augment ADX’s leading role in the GCC region and establish the next-generation benchmarks for this dynamic and expanding market.
Ahmed Salem Al Dhaheri, CEO of NMDC Energy, said, ‘NMDC Energy’s historic listing this year has been a profoundly significant development for the region’s growing and dynamic energy industry. On the back of our successful IPO, we also went on to achieve record profits, delivering a 145 percent year-on-year increase in net profit for the three months ending 30th September, 2024. We’re proud to announce another significant milestone for the co
mpany, as it joins a unique grouping of Abu Dhabi entities, who together are helping to facilitate the growth of Islamic finance as well as improve its accessibility to a wider investor base.’
NMDC Energy’s net profit for the three months ending 30th September, 2024, rose from AED164 million to AED402 million, driven by strong operational performance and strategic expansion into new projects. Revenues soared to AED3.975 billion, up 110 percent from the corresponding period of 2023.
The company achieved record growth rates in net profits in the nine-month period ending 30th September, 2024, reporting a net profit of AED904 million, reflecting a 122 percent increase compared to the same period of 2023. The revenue for the first nine months of 2024 stands at an all-time record high of AED9.78 billion, up 96 percent from the corresponding period in 2023.
ADX has a market capitalisation of Shari’ah-compliant financial instruments listed on ADX, which exceeds AED2 trillion (US$549 billion). It aims to advance it
s capital market by continuously introducing innovative Shari’ah-compliant products, meeting diverse investor needs and expanding its range of financial products to provide greater choice and opportunity.
Source: Emirates News Agency