Dubai TECOM Group’s Q4 net profit soars to $85mln on renewals, new customers

Dubai TECOM Group’s Q4 net profit soars to $85mln on renewals, new customers

Dubai business park operator TECOM Group posted Q4 2023 net profit of 311 million dirhams ($85 million), more than triple its net profit for the corresponding period in 2022.

For the full-year period, the company made a net profit of AED1.78 billion, up 49% year-on-year (YoY), TECOM said in a regulatory filing on the Dubai Financial Market on Wednesday.

The Q4 net profit easily topped analysts’ mean estimate of AED181 million, according to LSEG data. For FY, the estimate was AED 951.5 million.

Revenue for the final quarter of 2023 came to AED579 million, up 17% YoY, due to an increase in new customers as well as strong demand from existing customers, said TECOM.

The market value of the group’s real estate investments portfolio increased by 7.7% YoY to reach AED 22.9 billion as of 31 December 2023, achieving a record growth of 18.2% since the IPO.

In line with the dividend policy, TECOM's board has proposed a dividend payment of AED 400 million, or 8 fils per share, for the second half of 2023, to be paid out in April 2024.

Malek Al Malek, Chairman of TECOM Group, attributed the record performance to the robust growth in the various sectors of the economy, including the