TECOM Group has disclosed its financial results for the second quarter (Q2) and first half (H1) of the year ending 30th June 2024. The Group’s net profit for H1 increased by 24% to AED 603M, with revenues growing by 9% year-on-year (YoY) to AED 1.1B.
This performance follows strong results in the first quarter and confirms TECOM Group’s role in supporting Dubai’s knowledge-based economy by attracting global and regional companies across six key sectors to its ten specialised business districts.
For H1 2024, exceptional topline growth led to a 9% YoY increase in EBITDA, reaching AED 896M. The Group’s occupancy rates across its Commercial and Industrial assets rose to over 92% in H1 2024, reflecting a YoY increase of 5%. Occupancy levels in the Land portfolio reached 96%, showing an 11% YoY growth in H1 2024. A healthy retention rate of 91% further supported the overall occupancy growth.
For Q2 2024, the Group’s revenues rose by 9% to AED 584M YoY, driven by high occupancy rates. Increased demand in the Commercial, Industrial, and Land segments, coupled with rising demand in Dubai’s commercial real estate market, contributed to a YoY increase of 35% in net profit to AED 311M. New customers, improved rental rates, and strong retention revenues resulted in a 7% YoY rise in EBITDA, reaching AED 457M.
Malek Al Malek, Chairman of TECOM Group, stated that Dubai’s pro-business environment has reinforced the local knowledge and innovation-based economy.
Abdulla Belhoul, CEO of TECOM Group, highlighted the Group’s high occupancy levels and Dubai’s appeal to leading innovators and investors, emphasising the long-term value for shareholders.
