TECOM Group PJSC (DFM: TECOM), the leading creator of specialized business districts in Dubai, has announced a record-breaking AED 2.4 billion in revenue for the financial year ending 31 December 2024, reflecting an 11% year-on-year (YoY) increase.
This strong performance resulted in a 14% YoY growth in net profit, reaching AED 1.2 billion.
The Group's robust financial results are attributed to its strategic expansion, including increased operational efficiencies, a 5% rise in occupancy rates, and a retention rate of 92%. These efforts were further supported by continued strong customer demand and careful cost management.
Malek Al Malek, Chairman of TECOM Group, emphasized the company’s commitment to contributing to Dubai’s knowledge economy, attracting global businesses and skilled talent. Abdulla Belhoul, CEO of TECOM Group, attributed the growth to the UAE’s dynamic non-oil GDP expansion, reinforcing the Group's leadership in Dubai’s commercial real estate and industrial sectors.
TECOM also made significant investments totaling AED 2.7 billion in 2024, focusing on high-quality asset acquisitions and developments, including the construction of six Grade-A office buildings in Dubai Design District and new acquisitions at Dubai Internet City and Dubai Industrial City.
In terms of Environmental, Social, and Governance (ESG) efforts, TECOM increased solar generation by 15.5% and expanded its LEED-certified portfolio, while also supporting communities through CSR initiatives with investments of AED 1.4 million.
The Board of Directors has proposed a dividend of AED 400 million, subject to shareholder approval, in line with TECOM’s commitment to delivering long-term shareholder value.
FINANCIAL HIGHLIGHTS
AED Millions (Unless otherwise stated) | FY | %Change (YoY) | Q4 | %Change (YoY) | ||
2024 | 2023 | 2024 | 2023 | |||
Revenue | 2,402 | 2,173 | 11% | 643 | 580 | 11% |
EBITDA | 1,854 | 1,654 | 12% | 458 | 419 | 9% |
EBITDA Margin | 77% | 76% | 1% | 71% | 72% | (1%) |
Net Profit | 1,228 | 1,078 | 14% | 286 | 311 | (8%) |
OPERATIONAL HIGHLIGHTS
As of | 31 December 2024 | 31 December 2023 | YoY% |
Commercial and Industrial Occupancy | 94% | 89% | 5% |
Land Lease Occupancy | 95% | 94% | 1% |
Number of Customers | +11,900 | +11,000 | 8% |
News Source: Emirates News Agency
