Dubai-listed TECOM Group’s net profit for the first six months stood at a value of AED428 million, due to rising occupancy rates across commercial and industrial properties, and from revenue growth in the business and value-added service segment.
The company said, this reflected the “constructive demand-supply dynamics” of the real estate market for the two properties, adding that its profit growth was also due to the “continued buoyancy in Dubai’s economy and improving business sentiment.”
TECOM Group is one of the biggest business hub operators in the emirate and recently made its debut on the Dubai Financial Market (DFM), after raising over AED1.5 billion from its initial public offering (IPO).
Profits rose by 43 percent over the first six months, showing a “strong net profit growth momentum” with second quarter net profits rising by 54.1 percent year on year, and 24.7 percent quarter on quarter AED 237 million.
“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,” TECOM Group’s chief executive officer Abdulla Belhoul said.
Revenue for the first six months totalled up to AED989 million, showing a 15.8 percent year on year rise, the statement said.
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