We are looking forward to working together on projects that will further strengthen our ‘Made in UAE’ value proposition. This promising venture will further solidify our position as [a] regional EPC champion, and support our efforts to explore new growth avenues, NPCC chief executive Ahmed Al Dhaheri said.
Prior to the merger, state holding company ADQ held a 32 per cent stake in Abu Dhabi Securities Exchange-listed NMDC and was the majority owner (through its Senaat subsidiary) of NPCC. It is effectively a reverse takeover, with NMDC issuing mandatory convertible bonds for NPCC s entire share capital, which are being converted into 575 million ordinary shares, or 69.7 per cent of the combined entity. The business will maintain its market listing.
Built on strong foundation
The NMDC shares picked up momentum during the second-half. The group primarily operates in the UAE as well as India, Bahrain and Saudi Arabia. The price rally is strongly supported by its financials and balance-sheet strength.
For the first nine months, NMDC had revenues of Dh2.69 billion as against 2019’s Dh1.72 billion. This was mainly from growth in the energy services sector. Overall profitability also increased, ending September at Dh142.70 million as against Dh116.33 million last year.
This resulted in 20 per cent growth in current 9-month EPS, which stands at Dh0.57 a share (Dh0.47 in 2019).
Beach-side contracts
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