Page 76 - ALEF EDUCATION PR REPORT SEPTEMBER 2024

9/18/24, 1:58 PM NMDC Energy’s shares surge above 20% on trading debut
Al Ataa Investment was the cornerstone investor, and it agreed to buy 142.5 million shares,
representing approximately 12.39 per cent of the offering.

The IPO is the biggest in the UAE so far this year, eclipsing Alef Education Holding’s $515m
share offering in June.

The GCC region’s listing activity gathered pace since 2021 as governments sold stakes in state-
owned businesses to reduce their reliance on the energy sector.

Founded in 1973, the company has executed more than 1,200 projects, including approximately
1,360 installed structures, 8,000 km of laid pipelines, and 2,000 km of marine cables.

NMDC Group previously invested in the IPOs of ADNOC Gas and ADNOC L&S. The Alpha
Dhabi-backed company has won contracts from ADNOC Group to work on several projects this

year, such as a $200m dredging contract for a natural gas export facility.

The group’s half-year net profit rose by 66 per cent to Dhs1.46bn compared to Dhs881m in the
same period a year ago, while its revenue jumped 79 per cent to Dhs12.1bn. Its assets in the

January-June period increased by Dhs7.7bn to Dhs28.5bn compared to Dhs20.8bn for the
corresponding period in 2023.

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