Press releases, Reports & Disclosures for TECOM GROUP P.J.S.C.

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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.

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Dubai Financial Market News

Dubai Financial Market News

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

Disclosure: Results of BOD Meeting

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Dubai Financial Market News

Dubai Financial Market News

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

Disclosure: BOD Meeting

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Dubai Financial Market News

Dubai Financial Market News

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

Disclosure: Results of Earnings Call

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Dubai Financial Market News

Dubai Financial Market News

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

Disclosure: TECOM Group Earnings Call

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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 1st QTR of 2024

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.

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Dubai Financial Market News

Dubai Financial Market News

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

Disclosure: Financial Statements for the 1st QTR of 2024

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.

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Dubai Financial Market News

Dubai Financial Market News

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

Disclosure: BOD Meeting Results

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.

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Dubai Financial Market News

Dubai Financial Market News

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

Disclosure: BOD Meeting

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

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

Disclosure: Press Release

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.

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