Tecom Group records 28% rise in net profit to Dhs725.6m in 2022

Tecom Group records 28% rise in net profit to Dhs725.6m in 2022

Tecom Group announced a record 28 per cent YoY increase in net profit to Dhs725.62m for the financial year ended December 31 2022. The growth was supported by the resilience of the economic environment in Dubai and the upward trend in the real estate market. The revenue for 2022 rose by 12 per cent year-on-year to Dhs1.97bn, driven by higher occupancy levels, stronger customer retention rates and an increase in the number of new customers across the group’s portfolio. As of December 31 2022, the occupancy level for commercial and industrial assets was 86 per cent, registering the fourth quarter of sequential growth and a substantial increase from year end 2021 occupancy level of 78 per cent. Customer retention rates stood at 92 per cent, surpassing market expectations and reaffirming the unparalleled customer offerings provided by Tecom Group. Over the year, more than 1,700 new customers joined the business districts that cater to six different strategic sectors – technology, media, education, science, design and industrial – with high demand for both ‘built-to-suit’ and ‘built-to-lease’ properties. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 15 per cent year-on-year to Dhs1.35bn and the EBITDA margin expanded to 68 per cent