Tecom Group, which operates the Dubai business district, reported a more than 54% increase in net profit in the second quarter due to a “sustained recovery” in the Emirates economy.
Profit for the three months ended June rose to Dh237 million ($64.5m), compared with Dh153.9m during the same period last year, Tecom said in a statement on Wednesday to the Dubai Financial Market (DFM), where its shares are traded.
Tecom, which began made its stock market debut on the DFM on July 5 after raising Dh1.7 billion from its initial public offering, also reported a more than 18 percent rise in revenue for the second quarter to Dh504m.
For the first half of 2022, net profit climbed more than 43 percent to Dh427.5m, while revenue rose nearly 16 percent to Dh989.4m.
The company attributed its profit growth to “continued buoyancy in Dubai’s economy and improving business sentiment”.
“Our strong performance in the first half of the year builds on our solid performance in 2021 and underscores the strength of our well-balanced business model and the resilience of our diversified portfolio of quality, strategically located assets and value-added services,” Abdulla Belhoul, chief executive of Tecom Group, said.
The result was also due to “constructive demand and supply dynamics in the commercial and industrial property market” in Dubai, he added.
