TECOM Group has reported a record net profit of AED 1.1 billion for FY 2023, a 49% increase from the previous year. This was driven by strong performance across all business sectors. The company's revenue also grew by 10% YoY, reaching AED 2.2 billion, due to high occupancy rates across its portfolio. EBITDA increased by 23% YoY to AED 1.7 billion, with margins expanding to 76% from 68% in 2022. Funds from operations reached AED 1.4 billion, up 21% YoY. The market value of the Group’s real estate investments portfolio increased by 7.7% YoY to reach AED 22.9 billion. The Board of Directors has proposed a dividend payment of AED 400 million in April 2024, subject to shareholder approval.
The document contains confidential reports and consolidated financial statements for Tecom Group PJSC and its subsidiaries for the year ending on 31st December 2023.
On 11 December 2023, TECOM Group PJSC held a Board of Directors meeting. During the meeting, the board approved the business plan and budget for the years 2024-2028. They also discussed and approved regular matters and other businesses. The meeting was held at 3:00 pm and was chaired by Malek Al Malek. The results of the meeting were disclosed to the Dubai Financial Market and the Securities and Commodities Authority.
On 07 December 2023, Malek Al Malek, the Chairman of the Board of Directors at TECOM Group PJSC, informed the Dubai Financial Market about a board meeting scheduled for 11 December 2023 at 3:00pm. The meeting's agenda includes discussing and approving the business plan and budget for 2024-2028, along with other regular matters and business.
TECOM Group has reported a 20% year-on-year (YoY) increase in net profit for the first nine months of 2023, reaching AED 768 million ($209 million). Revenues rose by 7% YoY to AED 1.6 billion, driven by high occupancy levels across the company's portfolio. EBITDA increased by 14% YoY to AED 1.2 billion, with the EBITDA margin expanding to 78%. The company's Q3 2023 net profit also rose by 34% YoY to AED 283 million. TECOM Group has announced plans to develop new storage and logistics facilities in Dubai Science Park.