The “Tikom” group – listed in the Dubai Financial Market, has announced and managed and managed specialized business complexes focusing on vital sectors – that it achieved record revenues of 2.4 billion dirhams during the past year, an increase of 11% on an annual basis, while net profits achieved annual growth by 14 % Up to 1.2 billion dirhams for the fiscal year ending December 31, 2024, driven by record revenues and strong performance for all business sectors.
“Tecom” said, in a statement yesterday, that these results reflect the success of its strategy in continuing the process of sustainable growth by systematically expanding its portfolio, and improving the efficiency of its operational operations, in parallel to enhance the high rates of occupancy and retain dealers during the year 2024.
The group’s board of directors recommended the distribution of cash dividends worth 400 million dirhams (eight money for the share) for the second half of the year 2024, after obtaining the approval of the shareholders during the upcoming annual general assembly meeting on March 10, 2025, pursuant to the policy of distributing the accredited profits until the first half of 2025 , And the board of directors has also been considered in increasing the expected cash dividends from the second half of 2025 by 10%.
The group’s revenues recorded their rise with the support of increased occupancy rates by 5%on an annual basis to 94%, high rates to retain customers by 92%, and the increase in rental rates.
In turn, the value of the assets increased through an independent evaluation conducted by the Consulting Services Company «CBRE) on the fair value of the investment real estate portfolio in the“ Tikom ”group, which amounted to 28 billion dirhams until December 31, 2024, and this value reflects an equal increase of 11% compared to rates 2023 and an annual increase by 22%, including new strategic acquisitions during 2024.
During the last quarter of 2024, revenues increased by 11% on an annual basis to 643 million dirhams, while profits grew before calculating benefits, taxes, depreciation and consumption by 9% compared to the profits of the fiscal year 2023, to reach 458 million dirhams with a profit margin of 71%.
“The strong results achieved by the group in 2024 reflect the strength and flexibility of the economy of the UAE and the Emirate of Dubai, and our firm commitment to continuing the prominent role of the group in promoting the knowledge economy, by attracting the most prominent international companies and the best talents Distinguished in six major and strategic sectors. ”
He added: «The strategic investments announced by the group come with a total value of more than 2.7 billion dirhams during the year 2024, to strengthen its sustainable growth march in a way that establishes the prominent role of the group as a strategic engine for the business sector, and we are always keen to invest in drawing a promising future for the (Tikom) group, while achieving financial results Exceptional and cost management efficiently, as well as maintain the highest levels of customer satisfaction. ”
In turn, the CEO of the Tikom Group, Abdullah Balhll, said: “Dubai and the UAE continues to achieve strong and sustainable growth within the commercial real estate and industry sectors, supported by the remarkable growth in the gross non -oil GDP.”
In his speech during a remote media meeting, after announcing the results, Al -Hall stressed that the customer base is expanding steadily, pointing out that it grew during the year 2024 by about 8% to reach 11 thousand and 900 dealers.
. 2.4 billion dirhams of the “group” revenues, last year, with an annual growth of 11%.
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