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

The Board of Directors of TECOM Group PJSC will hold a meeting on Thursday, January 30, 2025, at 3:00 PM. The agenda includes discussing and approving the annual audited financial statements for the year ending December 31, 2024, setting the date, time, and agenda for the annual general assembly of shareholders, and addressing regular matters and any other business. The meeting notice is addressed to Mr. Hamad Ali, CEO of Dubai Financial Market, and a copy is sent to the Securities and Commodities Authority. The letter is signed by Malek Al Malek, Chairman of the Board of Directors.

TECOM Group reported a 23% year-on-year increase in net profit for the first nine months of 2024, reaching AED 943 million, driven by record revenues of AED 1.7 billion, a 10% increase from the previous year. The company's EBITDA rose by 13% to AED 1.4 billion due to increased revenues and operational efficiencies. Funds from operations increased by 20% to over AED 1.2 billion, while total investments in commercial and industrial assets surpassed AED 2.7 billion. In the third quarter, TECOM achieved a 12% rise in revenue to AED 611 million and a 20% increase in net profit to AED 340 million.

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

TECOM Group PJSC, through its subsidiary TECOM Investments FZ LLC, has acquired Office Park in Dubai Internet City from Emirates REIT for AED 720 million. This acquisition is part of TECOM Group's strategy to expand its portfolio of Grade-A commercial assets and reinforces its position in Dubai's commercial real estate sector. The acquisition increases the Group's total investments in commercial and industrial assets to over AED 2.7 billion in 2024. Office Park's strategic location in a prominent tech hub and its strong customer base are expected to positively impact TECOM Group's financial performance and offer sustainable growth opportunities. TECOM Group CEO Abdulla Belhoul highlighted the acquisition as a step towards addressing the demand for premium commercial real estate in Dubai, supporting the city's growth as a global economic center.