TECOM Group PJSC (DFM: TECOM), (the “Company” or the “Group”), the creator of specialised business districts and vibrant communities, today announced its financial results for the third quarter (Q3) and the 9-month period of the year ending 30 September 2023. The Group delivered a strong financial and operational performance, reporting a 7% year-on-year (YoY) increase in revenue to AED 1.6 billion and a 20% YoY increase in net profit to AED 768 million in the first nine months of year 2023.
Financial Highlights
AED Millions |
9 Months |
%Change (YoY) |
Q3 |
%Change (YoY) |
||
2023 |
2022 |
2023 |
2022 |
|||
Revenue |
1,590 |
1,480 |
7% |
541 |
490 |
10% |
EBITDA |
1,234 |
1,087 |
14% |
410 |
364 |
13% |
EBITDA Margin |
78% |
73% |
4% |
76% |
74% |
1% |
Net Profit |
768 |
639 |
20% |
283 |
212 |
34% |
Operational Highlights
Commercial and Industrial |
30 September 2023 |
30 September 2022 |
YoY% |
Occupancy Level |
88.5% |
83.5% |
5% |
Number of Customers |
10,800+ |
9,200+ |
17% |
Abdulla Belhoul, Chief Executive Officer, TECOM Group, said: “Our outstanding financial and operational performance over the nine-month period reflects our ability to take advantage of Dubai’s favourable market conditions as we continue to successfully push ahead with our strategy of optimising our diverse portfolio and sustaining high occupancy rates.”
“Our 10 business districts are almost near full capacity, with our existing customers continuing to renew their leases with us and new customers coming on board.
This is a testament to the strong demand for our quality assets and unique, fully serviced strategic locations underpinned by buoyant business conditions. We are very proud of the growing, diverse and quality customer base we have built and will continue to focus our efforts on being the go-to destination for international and regional businesses. Furthermore, our business model, which includes a balance between long-term and short-term leases, enables us to take advantage of rising prices while providing us with greater revenue stability and visibility.”
Financial Highlights
Nine Months 2023:
Q3 2023:
Project Development Highlights
Given the demand surge for Grade A storage & logistics spaces across Dubai, the Group will develop new storage & logistics facilities with a total GLA of 200,000 sq.ft. in Dubai Science Park.