TECOM GROUP P.J.S.C.

TECOM GROUP P.J.S.C.

TECOM

1 week

-0.02 %

1 month

0.07 %

3 months

0.10 %

OverviewInsightsDisclosures

TECOM GROUP P.J.S.C.

Logotype for TECOM GROUP P.J.S.C.
Ticker/ISIN
TECOM
AEE01081T004
Market/Country
Dubai Financial Market
United Arab Emirates
Latest Stock Price
3.10 AED
2024-09-06

Year to date

0.11 %

3 months

0.10 %

6 months

0.09 %

1 year

0.18 %

3 years

0.00 %

5 years

0.00 %

TECOM Group has been developing strategic, sector-focused business districts across the emirate of Dubai since 1999. TECOM Group is well-positioned to continue playing an integral role in cementing Dubai’s status as a global business and talent hub.

The TECOM Group portfolio consists of 10 business districts catering to 6 vital knowledge-based economic sectors, including design, education, manufacturing, media, science, and technology. The Group provides a varied and tailor-made leasing portfolio – which includes offices, co-working spaces, warehouses and land – to over 10,000 customers and more than 105,000 professionals.

TECOM Group offers additional value-added services to deliver a competitive and attractive environment for businesses and entrepreneurs to thrive in and to facilitate engagement between the districts’ community members. Government and corporate services are made available through an integrated smart services platform, “axs”, which enhances ease of doing business and provides community members with a seamless experience.

TECOM Group also provides industry specialised facilities, including media production studios, laboratories and higher education campuses. in5, its enabling platform for entrepreneurs and start-ups, offers innovation centres supporting tech, media, and design start-ups and SMEs. Its future-focused co-working spaces D/Quarters deliver stimulating work environments for tenants, and the “GoFreelance” package serves freelance talents.

Latest Pressrelease Summaries

TECOM Group PJSC reported a 24% increase in net profit for the first half of 2024, reaching AED 603 million, driven by high occupancy rates and strong business performance. Revenue for H1 2024 grew by 9% year-on-year to AED 1.1 billion, supported by occupancy rates exceeding 92% and a successful business strategy. EBITDA also rose by 9% to AED 896 million due to overall revenue growth and operational optimization. Funds from operations increased by 24% year-on-year to AED 840 million. The Board of Directors approved an interim cash dividend of AED 400 million for H1 2024, to be distributed by September 2024. The Group's results reaffirm its role in supporting Dubai's knowledge-based economy by attracting global and regional companies to its specialized business districts.
The document is a review report and condensed interim consolidated financial statements for TECOM Group PJSC and its subsidiaries, covering the six-month period ending on June 30, 2024.
On 29 July 2024, Mr. Hamad Ali, the CEO of Dubai Financial Market, was informed that the Board of Directors of TECOM Group PJSC will hold a meeting on 01 August 2024 at 3:00 PM. The agenda includes discussing and approving the condensed consolidated interim financial statements for the first half of the financial year ending 30 June 2024, considering a proposal to distribute an interim cash dividend for the same period, and addressing regular matters and any other business. This information was also copied to the Securities and Commodities Authority.
TECOM Group is investing AED 1.7 billion in strategic projects as part of its next phase of growth. The group's board of directors has approved a plan to expand its portfolio and promote sustainable growth. The plan includes acquiring high-quality office buildings in Dubai Internet City and industrial land plots. The investments are expected to contribute immediately to revenue growth and portfolio value appreciation and meet market demand in the medium to long term. This expansion plan reflects TECOM Group's confidence in the demand for commercial Grade A spaces and industrial assets, supported by Dubai's strong economic development. The investments will be carried out by TECOM Group's subsidiaries. The group is well-funded to acquire these strategic assets, backed by strong financial performance and ample liquidity.
TECOM Group reported a 15% YoY increase in its net profit for Q1 2024, exceeding AED 290 million. This increase was driven by strong demand across all assets from both new and existing customers, resulting in a record-high portfolio occupancy rate of 91%. The group's Q1 2024 revenue also increased by 10% YoY to AED 564 million. EBITDA rose by 10% YoY to AED 439 million, with an EBITDA margin of 78%. The total number of customers surpassed 11,000, thanks to robust customer retention and the addition of new customers. The company's strong financial performance follows a record financial performance in 2023 and is underpinned by Dubai's robust economic performance and pro-growth government initiatives.
The document is a review report and condensed interim consolidated financial statements for TECOM Group PJSC and its subsidiaries. The report covers the three-month period ending on 31 March 2024. The information is classified as confidential.
On May 2, 2024, the Board of Directors of TECOM Group PJSC held a meeting where they reviewed and approved the condensed consolidated interim financial statements for the first quarter of 2024, as well as discussed regular matters and other businesses. The meeting's results were disclosed to the Dubai Financial Market and the Securities and Commodities Authority.
TECOM Group shareholders have approved a cash dividend of AED 400 million for H2 2023 at its annual general assembly meeting. This brings the total dividend distributions for the fiscal year 2023 to AED 800 million, in line with the dividend policy set out in the IPO prospectus. The group reported a 10% YoY revenue growth to a record-breaking AED 2.2 billion and a 49% YoY surge in net profit to an all-time high of AED 1.1 billion for the financial year ended 31 December 2023. The company's customer base rose by 15% to reach 11,000 customers, driven by robust demand from new and existing customers across all six sectors it serves.

Threads

Page 1
Next
Dubai Financial Market News

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Result of Earnings Call

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Press release regarding financial results for the 2nd QTR of 2024

TECOM Group PJSC reported a 24% increase in net profit for the first half of 2024, reaching AED 603 million, driven by high occupancy rates and strong business performance. Revenue for H1 2024 grew by 9% year-on-year to AED 1.1 billion, supported by occupancy rates exceeding 92% and a successful business strategy. EBITDA also rose by 9% to AED 896 million due to overall revenue growth and operational optimization. Funds from operations increased by 24% year-on-year to AED 840 million. The Board of Directors approved an interim cash dividend of AED 400 million for H1 2024, to be distributed by September 2024. The Group's results reaffirm its role in supporting Dubai's knowledge-based economy by attracting global and regional companies to its specialized business districts.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Earnings Call

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Financial statements for the 2n QTR of

The document is a review report and condensed interim consolidated financial statements for TECOM Group PJSC and its subsidiaries, covering the six-month period ending on June 30, 2024.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Results of BOD Meeting

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: BOD meeting

On 29 July 2024, Mr. Hamad Ali, the CEO of Dubai Financial Market, was informed that the Board of Directors of TECOM Group PJSC will hold a meeting on 01 August 2024 at 3:00 PM. The agenda includes discussing and approving the condensed consolidated interim financial statements for the first half of the financial year ending 30 June 2024, considering a proposal to distribute an interim cash dividend for the same period, and addressing regular matters and any other business. This information was also copied to the Securities and Commodities Authority.

1. Attached Document

JohnnyDebt

JohnnyDebt

Commented on RealEstateKings Transaction regarding TECOM GROUP P.J.S.C.

Interesting move! TECOM GROUP at 2.55 AED per share seems like a strategic buy. Diversifying beyond Real Estate and Utilities could balance your portfolio. Keep a close watch on market trends!
TomFlooz

TomFlooz

Commented on RealEstateKings Transaction regarding TECOM GROUP P.J.S.C.

Solid move! TECOM GROUP has strong growth potential. Diversifying into tech within your real estate-heavy portfolio could balance risk and reward. Keep an eye on market trends! 🚀
FinanceBroAED

FinanceBroAED

Commented on RealEstateKings Transaction regarding TECOM GROUP P.J.S.C.

Looks like you're building your own "TECOM Tower"! 🏢 Nice move, but don't let those utilities stocks short-circuit your plans! ⚡📈
Dubai Financial Market News

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Press Release

TECOM Group is investing AED 1.7 billion in strategic projects as part of its next phase of growth. The group's board of directors has approved a plan to expand its portfolio and promote sustainable growth. The plan includes acquiring high-quality office buildings in Dubai Internet City and industrial land plots. The investments are expected to contribute immediately to revenue growth and portfolio value appreciation and meet market demand in the medium to long term. This expansion plan reflects TECOM Group's confidence in the demand for commercial Grade A spaces and industrial assets, supported by Dubai's strong economic development. The investments will be carried out by TECOM Group's subsidiaries. The group is well-funded to acquire these strategic assets, backed by strong financial performance and ample liquidity.

1. Attached Document

Page 1
Next