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NMDC ENERGY-
NMDC’s engineering, procurement and construction unit NMDC Energy’s net income rose by 144.9% y-o-y to AED 401.6 mn in 3Q 2024 on the back of strong operational performance and expansion into new projects, according to its earnings release (pdf). Revenues increased 110.3% y-o-y to AED 4 bn in this quarter. In 9M 2024, the company’s net income climbed 122.1% y-o-y to AED 904 mn, while revenues grew 96.4% y-o-y to AED 9.8 bn.
REMEMBER- These are NMDC Energy’s first set of financial results since its Abu Dhabi Exchange (ADX) IPO last month, which raised AED 3.22 bn and received over AED 88 bn in orders from investors.
COMMERCIAL BANK INTERNATIONAL-
Commercial Bank International (CBI) reported net income of AED 149.2 mn in Q3, an increase of 141.7% compared to 3Q 2023, according to the company’s financials (pdf). The lender’s net operating income rose 89.8% y-o-y to AED 278.5 mn. The bank’s growth was supported by an expansion in loans and advances, as well as increased fee and commission income, according to its earnings release (pdf).
On a nine-month basis, CBI’s net income totaled AED 230.7 mn, an increase of 64% y-o-y. The bank also reported a 9M 2024 net operating income of AED 528.6 mn, reflecting a 26.9% y-o-y increase.
SUKOON INS.-
Dubai-based Sukoon Ins.’ net income dipped 26% y-o-y to AED 46.7 mn in 3Q 2024, according to the company’s financial statements (pdf). The company’s ins. revenues rose nearly 15.7% to AED 1.4 bn during the quarter. Sukoon saw its bottom line fall 6.3% y-o-y in 9M 2024 to AED 173 mn, while its revenues climbed 16.4% y-o-y to AED 3.9 bn during the nine-month period.
