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NMDC Group, formerly known as National Marine Dredging Company, is headquartered in Abu Dhabi and has transformed itself into an engineering, procurement, and construction (EPC) company specialising in marine dredging, energy services, and large-scale infrastructure projects.
The rebranding, which was formalised in August 2024, reflects NMDC’s focus on global expansion and alignment with sustainability goals under the UAE Centennial 2071 vision. The company is publicly traded on the Abu Dhabi Securities Exchange (ADX).
NMDC operates through four key business units. NMDC Dredging & Marine, which focuses on dredging, land reclamation, and marine construction. NMDC Energy (formerly NPCC), specialises in EPC services for the oil, gas, and broader energy sectors, with advanced facilities in Abu Dhabi. NMDC Engineering provides consultancy services in coastal, marine, and environmental engineering, while NMDC Construction offers construction technology, particularly in precast concrete.
The company has presence in Saudi Arabia, Egypt, and India, with plans to expand to Africa, Southeast Asia, and the United Kingdom.


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Growth Drivers
NMDC is actively diversifying into new sectors and geographies, including renewable energy, infrastructure, and technology. In September 2024, NMDC Energy launched its IPO, which was 31.3 times oversubscribed.
Also in late 2024, the group established NMDC LTS, a logistics and technical services division, which will own and/or operate NMDC Group’s significant resource pool of marine support craft, technical capabilities, plant and equipment. It will also offer its services to the wider construction and industrial sectors.
The group has plans to widen its international footprint by investing in sustainable technologies and delivering innovative solutions for energy transition.
Investment Analysis
NMDC has exhibited an ability to adapt to evolving market dynamics, as well as focus on operational excellence and strategic investments. It has delivered robust financial performance in 2024, with strong backlog and proven track record in shareholder value creation.
Share Growth Potential
NMDC’s diversification strategy, coupled with its solid fundamentals and market leadership, indicates significant share growth potential. Contributing to its prospects are revenue and profit expansion, and a portfolio of transformative projects.
Relative Valuation
NMDC has a Relative Valuation Rating of 10 which is significantly above the FTSE ADX General index average rating of 5.6, according to the LSEG Stock Reports Plus.
- Its price-to-sales, trailing P/E, and forward P/E multiples are all significantly below (less expensive than) their five-year averages. Based on price-to-sales, NMDC currently trades at a 5% discount to its construction and engineering industry group peers. On average, the company has traded at a 1% discount over the past five years.
- Based on Trailing P/E, NMDC currently trades at an 82% premium to its industry group peers. On average, the company has traded at a 6% premium over the past five years.
- Based on Forward P/E, NMDC currently trades at a 5% discount to its industry group peers. On average, the company has traded at a 0.6% discount over the past five years.
- The company’s Risk Rating of 2 is significantly below the FTSE ADX General index average rating of 4.9, according to LSEG.
Fiscal position
Strong free cash flow generation in Q3 2024, supported by significant collections, highlights NMDC’s financial discipline. Despite higher working capital requirements, the group maintained a negative net debt/EBITDA ratio, reflecting a healthy leverage position.
Return on equity
Historical data shows NMDC’s capacity to maximise shareholder value through stable return on equity (20%-21%) and robust financial performance.
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