TECOM Group PJSC, a key player in developing specialized business districts and vibrant communities, has published its financial results for the fiscal year ending on 31 December 2024. The company's share price has seen a 15% year-on-year surge, highlighting the enduring value of TECOM Group's offerings. The fiscal year 2024 was significant for TECOM Group, with notable growth across various financial and operational metrics.
The revenue for the period saw a substantial 11% year-on-year increase, reaching AED 2.4 billion. This growth was propelled by a 5% rise in occupancy rates to 94%, an impressive retention rate of 92%, and an uptick in rental rates. The company also witnessed a 12% year-on-year increase in EBITDA, totaling AED 1.9 billion, with an EBITDA margin of 77%. Net profit surged by 14% year-on-year, amounting to AED 1.2 billion, bolstered by robust revenue streams and efficient cost management.
TECOM Group's commercial and industrial portfolios demonstrated strong performance, with occupancy rates hitting 90% and 98%, respectively. Funds from Operations (FFO) climbed 14% year-on-year to AED 1.6 billion, driven by enhanced collections and asset performance. Furthermore, the fair value of the Investment Property portfolio soared to AED 28 billion, indicating an 11% increase on a like-for-like basis and a 22% surge inclusive of new acquisitions.
Malek Al Malek, Chairman of TECOM Group, expressed pride in the remarkable achievements of the company in 2024, emphasizing their commitment to leveraging Dubai's economic strengths. Abdulla Belhoul, the CEO, noted that Dubai's non-oil GDP growth has created a fertile ground for the commercial real estate and industrial sectors, positioning TECOM Group as a vital contributor to this upward trajectory.
The company's strategic investments in 2024, totaling AED 2.7 billion, aimed to broaden its portfolio and fortify its standing in Dubai's business landscape. With revenue climbing by 11% year-on-year to a record AED 2.4 billion and EBITDA growing by 12% year-on-year to AED 1.9 billion, the financial year showcased resilient operational performance across all sectors.
TECOM Group's unwavering success and commitment to sustainable growth are aligned with Dubai's economic agenda, reflecting their confidence in contributing significantly to the city's future prosperity. The company's achievements in environmental sustainability, support for startups, and community initiatives underscore its holistic approach to business development and responsible corporate citizenship.
