Abu Dhabi: The National Marine Dredging Company (NMDC) has announced 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 at Dh2.8 per share. The subscription period will open on Friday, August 30, 2024, for individual investors in the UAE and will remain open until September 4, 2024, for qualified and professional investors.
The group is backed by Alpha Dhabi Holding, a fast-growing investment company in the Middle East and a subsidiary of International Holding Company (IHC).
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 June 30, 2024, NMDC Energy's backlog were valued at approximately Dh54 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 kilometers of onshore and offshore pipelines and 2,000 kilometers 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 per cent increase in revenue, reaching approximately Dh12.126 billion, compared to Dh6.765 billion in the first half of 2023. Net profits rose by 66 per cent to approximately Dh1.461 billion, up from Dh881 million in the same period last year. The Group’s asset value also grew significantly, reaching approximately Dh28.501 billion during the first half of 2024, up from Dh20.847 billion at the end of 2023, an increase of Dh7.654 billion.
