23% increase in TECOM’s net profits to 943 million dirhams within 9 months

Yesterday, TECOM Group announced its financial results for the first nine months of the year and the third quarter ending on September 30, 2024, as the group achieved strong performance at the financial and operational levels, recording an increase in revenues during the first nine months of the current year by 10% on an annual basis. Annually, exceeding 1.7 billion dirhams, while recording a 23% year-on-year growth in net profits to reach 943 million dirhams.

EBITDA rose 13% year-on-year, reaching 1.4 billion dirhams.

Cash flows from operations also increased by 20% on an annual basis, exceeding 1.2 billion dirhams, due to improved performance across income-generating assets and enhancing operational efficiency across the group’s business portfolio, to achieve positive results.

Occupancy rates within the group’s commercial and industrial assets increased from 88% to 94% on an annual basis, while land occupancy rates reached 90% at the end of September 2024, driven by the continued demand for distinguished first-class office space, in addition to storage units and logistics services. Thanks to Dubai’s status as a preferred global destination for the most prominent companies and talents from all over the world.

The number of customers increased by 9% to reach more than 11.8 thousand customers, from the most prominent international and regional companies, as TECOM’s specialized business complexes continue to attract new customers from major leading international companies such as “Hisense” and “Ozone Pharmaceuticals.”

TECOM’s retention rate for its customers in the commercial and industrial sectors reached 90% and 95%, respectively, as of September 30, 2024, which confirms the exceptional value that the group adds to its customers, and its success over the years in exceeding customer expectations. Thanks to the strong demand from existing and new customers, TECOM also recorded a record quarterly performance, as its revenues during the third quarter grew by 12% on an annual basis, to reach 611 million dirhams, while net profits during the same period increased by 20% on an annual basis. , reaching 340 million dirhams.