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NMDC-
The National Marine Dredging Company (NMDC)’s net income rose 16% y-o-y to AED 731 mn in 3Q 2024, according to the company’s financial statements (pdf). The company’s revenues rose 50% y-o-y during the quarter to AED 6.4 bn.
In 9M 2024, NMDC’s net income increased 45% y-o-y to AED 2.2 bn, according to the company’s management discussion (pdf). NMDC’s top line rose 68% y-o-y to AED 18.5 bn during the period.
What they said: “This has been an important quarter operationally, with the delivery of multiple strategic initiatives culminating in the successful listing of NMDC Energy,” Mohamed Al Rumaithi, Chairman NMDC Group said, Wam reports.
The firm approved a special dividend payout of AED 2 bn, equivalent to AED 2.37 per share, to the company’s shareholders.
Looking ahead: NMDC Energy plans to ramp up investments in offshore wind energy assets, Ahmed Al Dhaheri, CEO of NMDC Energy said in an interview with CNBC (watch, runtime: 7:31).
GHITHA HOLDING-
Abu Dhabi-based food manufacturer Ghitha Holding’s net income declined by 78.2% y-o-y to AED 42.5 mn in 3Q 2024, according to its financial statements (pdf). The company’s revenue slightly declined by 2% y-o-y to AED 1.2 bn in this quarter. On a 9M basis, net income climbed by 3011% to AED 2.8 bn, as a result of a one-time windfall from an AED 2.7 bn derecognition of a subsidiary, while revenues increased by 10.8% to AED 3.7 bn.
This nine-month performance was also attributed to the company’s operational strategies, including acquiring key assets, expanding into new markets, and diversifying product lines, according to its management report (pdf).
EMIRATES DRIVING-
Emirates Driving’s 3Q 2024 net income rose 27.2% y-o-y to AED 87.5 mn, according to the company’s financials (pdf). Revenues reached AED 161.7 mn, marking a 71.8% increase y-o-y.
During the first nine months of the year, Emirates Driving Company reported a net income of AED 206.8 mn, reflecting a 7.1% increase y-o-y. Revenues grew 27.8% y-o-y to AED 337.5 mn.
