29/04/2026 02:09 AST
NMDC Energy, a key provider of engineering, procurement, and construction (EPC) services for offshore and onshore energy clients, today (April 28) announced its financial results for the first quarter of 2026, stating that it maintained operational continuity across all its projects as a result of integrated efforts, coordination with all relevant stakeholders, and the effective implementation of business continuity frameworks and risk management practices.
The Emirati group delivered solid financial performance in the first three months of 2026, with revenues increasing 33% year-on-year to AED5 billion ($1.36 billion), driven by the continued execution of its robust project backlog.
Net profit for Q1 2026 came at AED80 million, reflecting the company's prudent approach in light of the current regional environment.
The company's backlog stood at AED35.3 billion, providing strong visibility on future revenues. UAE operations remained the primary contributor to revenues at 74%, while international markets accounted for 26 percent, reflecting a diversified revenue base.
The company closed the quarter with a cash balance of AED3.5 billion, reinforcing its liquidity position, financial resilience, and flexibility to navigate changing market conditions while pursuing future opportunities.
On the solid performance, Chairman Mohamed Hamad Almehairi said: "The performance this quarter reflects the resilience of the UAE economy and the strength of its leadership in navigating a complex regional environment."
The government's proactive and coordinated approach has ensured stability, continuity, and confidence across key sectors, enabling companies like NMDC Energy to operate and continue contributing to the country's long-term development priorities," he stated.
CEO Ahmed Salem Al Dhaheri said the company's priority throughout the quarter was disciplined execution, operational continuity and financial prudence.
"We successfully maintained momentum across our projects and converted backlog into revenues despite a more challenging operating environment. This demonstrates the strength of our leadership, people, processes and long-term business fundamentals," he stated.
"Looking ahead, NMDC Energy continues to monitor regional developments closely and remains well-positioned for the remainder of the year, supported by a strong backlog; a healthy pipeline of projects, which reached AED67 billion at the end of the quarter; and proven execution capabilities, while maintaining operational readiness and continuing to align with the UAE's long-term economic and energy priorities," he added.
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