Today (Wednesday), the Abu Dhabi Securities Exchange has announced the listing of shares of NMDC Energy, formerly known as the National Petroleum Construction Company, under the ticker symbol (NMDCENR), as per the decision of the CEO of Abu Dhabi Exchange Group.
According to the trading regulations of the Abu Dhabi Securities Exchange, the share price of the company will float for three consecutive sessions starting from the listing date, meaning it won’t be subject to the daily price limits imposed by the market. The benchmark price for the company’s shares upon market debut will be the final IPO price of AED 2.8 per share.
With the listing of NMDC Energy, the number of public joint-stock companies traded on the Abu Dhabi market rises to 85, alongside 14 private equity firms, bringing the total number of registered entities (both public and private) to 99. Additionally, the market features 14 traded funds. Throughout 2024, the Abu Dhabi market has seen six offerings involving four funds and two companies, including NMDC Energy.
The listing of NMDC Energy on the Abu Dhabi capital market marks the third corporate listing of the year after those of Agility Global and Alef Education Company. This also represents the twenty-second listing of financial instruments registered in 2024, which includes listings of bonds and sukuk, as well as exchange-traded funds and others.
The NMDC Group, listed on the Abu Dhabi Securities Exchange, offered approximately 1.15 billion shares, equating to 23% of its subsidiary NMDC Energy’s capital, during the subscription period from August 30 to September 4, 2024. Subscription requests reached record levels, exceeding the offered value by 31.3 times, with total purchase orders amounting to around AED 88 billion.
The company’s current capital stands at AED 2.5 billion, distributed across 5 billion ordinary shares with a nominal value of AED 0.5 (fifty fils) per share. NMDC Energy provides engineering contracting services, procurement, and construction for both land and offshore energy platforms, with clients including ADNOC and Aramco. The company also operates in Kuwait and Taiwan, holding 33% of Princebia SAS in France, 100% of NBC Engineering Private Limited in India, and 80% of Anyua Engineering Private Limited in India, which offers essential engineering services.
Financial reports for NMDC Energy indicate a 107% rise in net profit, reaching AED 500.9 million in the first half of 2024, compared to AED 242.1 million during the same period in 2023. Revenues surged by 87% to AED 5.8 billion in the first half of 2024, up from AED 3.1 billion in the first half of 2023.
The company anticipates dividend payouts of AED 700 million per year for the financial years ending December 31, 2024, 2025, and 2026, with a targeted earnings per share of AED 0.14 (14 fils) per share annually, representing a yield of 5% based on the offering price.
