TECOM Group FY 2022 revenues up 12% to AED 2bln

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