TECOM Group reports strong growth in Jan-Sep 2022 with 51% net profit increase

TECOM Group reports strong growth in Jan-Sep 2022 with 51% net profit increase

DUBAI, 26th October, 2022 (WAM) -- TECOM Group PJSC (DFM: TECOM), the creator of specialised business districts and vibrant communities, today announced its financial results for the third quarter (Q3) and first nine months ending 30th September 2022.

Q3 2022

The Group's revenue stood at AED 490 million, increasing 12.48 percent year-on-year (YoY) driven by rising occupancy levels across the portfolio, especially office, warehouse, and worker accommodation. EBITDA for the three-month period reached AED 364 million, up 26.76 percent YoY, supporting margin expansion. Higher EBITDA levels was driven by top line growth and lower operational expenses thanks to the implementation of group-wide efficiency enhancement initiatives. Meanwhile, net profit increased 70 percent YoY to AED 212 million, as growth across segments was sustained.

During the period from Janurary to September 2022, The Group's revenue 2022 increased 15 percent YoY to AED 1.48 billion, driven by strong growth across all business segments.

As at 30th September 2022, occupancy levels for commercial and industrial assets was 83.5 percent, registering the third sequential growth and a significant increase from year-end 2021 occupancy levels of 78.3 percent. The sustained growth momentum in occupancy is owed to the very strong customer retention rates, increase in new customers across the portfolio