Dubai-listed Tecom Group has posted impressive financial results for the first half of 2024, highlighted by a significant increase in occupancy levels and revenue. The company’s revenue surged 9 percent to approximately AED1 billion ($300 million), driven by a substantial rise in occupancy across its commercial and industrial assets, which reached 92 percent.
The boost in revenue contributed to a notable 24 percent increase in net profit, which climbed to AED603 million. Occupancy rates in the land portfolio soared to 96 percent, up 11 percentage points from the previous year. This growth is attributed to supportive government initiatives such as Operation 300bn, Make it in the Emirates, and the Dubai Economic Agenda D33.
Tecom Group also saw a robust retention rate of 91 percent, bolstered by the addition of over 1,000 new customers. Funds from operations grew 24 percent year on year to AED840 million, reflecting effective collections and enhanced revenue quality across its income-generating assets.
In the second quarter alone, net profit soared 35 percent to AED311 million, fueled by revenue expansion, operational efficiencies, and strategic capital management. The company’s revenue for the quarter rose 9 percent to AED584 million.
The board of directors has approved an interim dividend payment of AED400 million for the first half of 2024, with an anticipated annual dividend of AED800 million through 2025.
