TECOM Group PJSC announced its financial results for the third quarter and the first nine months of this year, on Tuesday.
Q3 results revealed that revenue came in at AED490 million, increasing 12.48 percent year on year driven by rising occupancy levels across the portfolio especially in warehouse, office and worker accommodation.
Earnings before interest, taxes and depreciation (EBITDA) for the three-month period was AED364 million, up by 26.76 percent year on year, driven by top line growth and lower operational expenses.
Net profit was reported at an increase of 70 percent as compared to last year to AED212 million in the strongest quarter.
Nine month results revealed that revenue increase was 15 percent amounting to AED1.48 billion, driven by strong growth across all business segments.
Occupancy levels and industrial assets was at 83.5 percent, a significant increase from 2021 levels of 78.3 percent. The company attributes the growth to strong customer retention rates and increased new customers.
Earnings before interest, taxes and depreciation (EBITDA) for the nine month period increased by 24 percent to AED 1.09 billion and net profit observed a growth of 51 percent to AED639 million due to revenue growth, lower operational expenses and financial management.
Earlier this month, the board of directors recommended an interim cash dividend payment of AED200 million, the first payment for the second half of 2022 in line with the dividend policy, subject to shareholder approval.
“Our strong revenue and profit growth since the start of the year and our particularly remarkable performance in Q3 is a testament to the group’s ability to effectively deliver on its growth strategy to drive net asset value growth and maximise shareholder returns,” said Abdulla Belhoul, Chief Executive Officer of TECOM Group.
“With a well-balanced portfolio and complementary comprehensive service offering, we remain optimistic in our ability to maintain a robust financial performance in light of global market uncertainty and will continue to contribute to strengthening Dubai’s position as an attractive global business and talent hub,” he concluded.
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