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.
The text is an introduction to the Management Discussion & Analysis section of the 2023 Financial Results report for Tecom Group PJSC.
The TECOM Group PJSC Annual Report 2023 discusses the company's efforts in establishing prosperous ecosystems and delivering sustainable growth. The report is aimed at individuals interested in finance and investing, and is shared on a finance platform with social functionality.
The TECOM Group PJSC has issued a disclosure clarifying the appointment of proxies to attend its General Assembly meeting. The company informed shareholders that a shareholder with the right to attend the General Assembly can delegate someone other than the board members, the company’s employees, or a securities brokerage company or its employees, to attend on his/her behalf. This delegation must be done through a written special proxy, which clearly states that the representative can attend the meeting and vote. A delegated person for multiple shareholders cannot represent more than 5% of the company’s issued capital. Those lacking legal capacity must be represented by their legal representatives. The shareholder’s signature on the proxy must be approved by a notary public, a chamber of commerce or an economic department in the UAE, a bank or company licensed in the UAE (provided the principal has an account with them), the licensed financial market in the UAE, or any other authority licensed to perform the authentication activity.