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