Dubai: TECOM Group PJSC has announced a remarkable AED2.4 billion in revenue for the financial year ending 31st December 2024, marking an 11 percent year-on-year increase. This surge in revenue has resulted in a 14 percent increase in net profit, totaling AED1.2 billion for FY 2024.
According to Emirates News Agency, these figures underscore the effectiveness of TECOM Group’s strategy focused on enhancing its core business in Dubai. This goal is being achieved through targeted portfolio expansion and increased operational efficiencies, which have contributed significantly to the Group’s robust occupancy and retention rates throughout 2024.
The Board of Directors has suggested a dividend payment of AED400 million (8 fils per share) for the latter half of 2024. This proposal is pending approval from shareholders at the upcoming Annual General Meeting on 10th March 2025, aligning with the dividend policy set through the first half of 2025. Additionally, the Board reviewed the interim cash dividend for the second half of 2025, forecasting a 10 percent increase.
Malek Al Malek, Chairman of TECOM Group, expressed confidence in the Group’s results, highlighting their commitment to leveraging Dubai’s strong economic foundations. He emphasized the Group’s role in fostering a knowledge economy by attracting global companies and skilled talent across six key sectors. Al Malek also noted the AED2.7 billion investments planned through 2024, which aim to expand the Group’s portfolio and sustain its growth while bolstering its strategic impact on Dubai’s business landscape.
Abdulla Belhoul, Chief Executive Officer of TECOM Group, pointed to Dubai and the UAE’s dynamic non-oil GDP growth as a driver of sustained advancement in the commercial real estate and industrial sectors. Belhoul attributed TECOM Group’s substantial growth in revenue, EBITDA, and property valuation in 2024 to strong asset performance, high customer demand, prudent cost management, and increased customer satisfaction.
The Group’s revenue increased by 11 percent YoY to over AED2.4 billion, aided by a 5 percent YoY rise in occupancy to 94 percent, a retention rate of 92 percent, and higher rental rates. The fair value of their Investment Properties (IP) portfolio, assessed by CBRE, reached AED28 billion as of 31st December 2024, reflecting an 11 percent YoY increase, including new acquisitions.
In the fourth quarter of 2024, TECOM Group’s revenue rose by 11 percent YoY to AED643 million, with EBITDA growing by 9 percent compared to FY 2023, reaching AED458 million and an EBITDA margin of 71 percent.