The board of Abu Dhabi’s NMDC Group has recommended paying a cash dividend of AED701 million ($191 million) after revenues surged 57 percent year on year to AED 26 billion in 2024, according to UAE state-owned Wam news agency.

The payout is subject to shareholders’ approval. If approved, the group’s dividend yield will reach 13 percent, while the dividend payout ratio will stand at 91 percent.

Last year, the company, previously known as National Marine Dredging Company, listed 23 percent of NMDC Energy, an engineering subsidiary, generating nearly AED3 billion. AED2 billion was paid back to shareholders through a special interim dividend.

Net profit at NMDC Group climbed 44 percent year on year to AED3 billion last year, underpinned by expansions into East and Southeast Asia and the award of a large-scale contract for a subsea pipeline in Taiwan, according to Wam.

Shares of the company, which trades on the Abu Dhabi Securities Exchange, closed at AED24.28 on Tuesday. They are down nearly 18 percent in the past year.

The company’s fourth-quarter net profit rose 43 percent year on year to AED916 million. The top line increased 37 percent annually to AED8 billion.

Yasser Zaghloul, CEO of NMDC Group, said the company will explore diversification strategies to drive growth without giving more details.

NMDC Group is backed by Alpha Dhabi Holding, the investment subsidiary of Abu Dhabi-headquartered  International Holding Company.

This month Ahmed Al Dhaheri, NMDC Energy’s CEO, told AGBI that the company was looking at expanding its renewable energy business in South East Asia and Europe.