TECOM Group PJSC (DFM: TECOM), specializing in the creation of specialized business districts and thriving communities, announced financial results for the nine months and third quarter (Q3) of the year, ending September 30, 2024. The group reported record results for the nine months, with a 10% year-on-year increase in revenue to more than 1.7 billion dirhams and a 23% year-on-year increase in net profit to 943 million dirhams.
Driven by strong demand from existing and new clients, TECOM Group also reported record results for the third quarter, with a 12% year-on-year increase in quarterly revenue to 611 million dirhams and a 20% year-on-year increase in quarterly net profit to 340 million dirhams.
Revenue: 1,759 million dirhams for nine months (up 10% year-on-year) and 611 million dirhams in Q3 (up 12% year-on-year).
EBITDA: 1,395 million dirhams for nine months (up 13% year-on-year) and 500 million dirhams in Q3 (up 22% year-on-year).
Net profit: 943 million dirhams for nine months (up 23% year-on-year) and 340 million dirhams in Q3 (up 20% year-on-year).
Commercial and industrial occupancy rates of the properties reached 94% compared to 88% year earlier, and the occupancy of land leases reached 90% by the end of September 2024, thanks to strong demand for premium office spaces and warehouses, as Dubai continues to attract global businesses and talent.
"Our record results for the nine months and third quarter affirm our commitment to achieving sustainable long-term growth, leveraging the advantages of the business-friendly environment of Dubai," said Abdulaziz Belhoul, General Director of TECOM Group PJSC.
The second phase of warehouse and logistics spaces, being developed in Dubai Science Park, is expected to be completed in the first quarter of 2025. Preparatory works are also being carried out for Phase 3 of the Innovation Hub in Dubai Internet City and Phase 2 of Dubai Design District (d3).
"This result confirms our ability to attract and retain large companies in six key sectors," added Belhoul.
