TECOM Group FY 2022 revenues up 12% to AED 2bln
- Date: 10-Feb-2023
- Source: Zawya
- Sector:Financial Markets
- Country:UAE
TECOM Group FY 2022 revenues up 12% to AED 2bln
Malek Al Malek, Chairman of TECOM Group: “Since our successful IPO in July 2022, TECOM Group continued to realise unparalleled achievements, demonstrating strong results and rewarding shareholders with attractive returns.”
- Board of Directors recommends a dividend payment of AED 200 million (4.0 fils per share) in April 2023, subject to shareholder approval at its upcoming Annual General Meeting to be held on 14 March 2023
- 9.7% increase in fair value of investment property portfolio from March 2022
- Strong increase in funds from operations0F[1] to AED 1.20 billion and healthy recurring free cash flow of AED 964 million on improved revenue quality and enhanced operational efficiency
- EBITDA up 15% YoY to AED 1.35 billion and net profit up 28% YoY to AED 725.62 million, testament to strong performance across all business segments including Commercial and Industrial Leasing and Services
- FY 2022 revenue up 12% YoY to AED 1.97 billion due to substantial increase in new customers and the delivery of new built-to-suit projects which resulted in significantly high occupancy levels of 86%
Dubai, UAE, 10 February 2023 – TECOM Group PJSC (DFM: TECOM), (the “Company” or the “Group”), the creator of specialised business districts and vibrant communities, today announced a 12% year-on-year