Tecom Group’s share price increased by 1% in the first few minutes of trading on the Dubai Financial Market. Another of Dubai’s high-profile enterprises has made the switch from privately held to DFM listing.
Ahead of the stock – the IPO for which drew record over-subscription from retail investors – going live, Tecom released its financials for the last three years.
The Tecom stock, which was sold at Dh2.67 a share had volumes of 28 million plus shares traded in the first 30 minutes.
Net profit for 2019-21 stayed at Dh633.59 million, Dh579.08 million, and Dh568.83 million, respectively. Solid numbers given that for two of those years, there was the pandemic to deal with and what it meant for the way Tecom’s tenants wanted to work. Tecom remains systemically one of the most important landlords in Dubai of commercial real estate, with 10 business hubs. These include the consistently in-demand Dubai Internet City and Media City, and the emerging Dubai Design District.
