TECOM Group Achieves 23% Increase in Nine-Month Profit, Boosted by Record AED 1.7 Billion Revenue

TECOM Group PJSC (DFM: TECOM) has announced an impressive financial performance for the first nine months of 2024, showing a 23% year-on-year (YoY) rise in net profit, reaching AED 943 million. The group’s total revenue also hit a record AED 1.7 billion, marking a 10% YoY growth.

Quarterly Highlights: TECOM’s Q3 Performance

In the third quarter alone, TECOM Group reported a 12% YoY rise in revenue, bringing in AED 611 million, and a 20% YoY increase in net profit to AED 340 million. This quarter marks one of the company’s best, with both existing and new clients contributing to the high demand for TECOM’s offerings.

CEO Statement on Growth and Sustainability

Abdulla Belhoul, CEO of TECOM Group PJSC, highlighted that this performance reflects TECOM’s commitment to long-term growth by capitalizing on Dubai’s supportive business environment. “Our diversified portfolio, high occupancy rates, and robust financial strategies are key factors driving our success,” said Belhoul. TECOM’s assets span across commercial, industrial, and land leases, all of which are seeing strong demand from leading companies across six critical sectors.

Strategic Financial Approach

TECOM’s proactive financial planning and cost management have strengthened its profitability, allowing the Group to enhance shareholder value significantly. With steady growth and prudent strategies, TECOM continues to set new records, positioning itself as a leader in Dubai’s business and industrial landscape.

This impressive growth underscores TECOM’s ability to attract top companies and maintain high occupancy across its business districts, reinforcing its role in shaping Dubai’s economic future.

[related_post_block post_link=”https://arabtimesnews.com/uae-president-sheikh-mohamed-bin-zayed-celebrates-wedding-of-al-yabhouni-al-dhaheri-sons-in-abu-dhabi/”]