TECOM Group ’s Q1 2023 net profit grows 34% to AED 255 million

TECOM Group ’s Q1 2023 net profit grows 34% to AED 255 million

DUBAI, 2nd May, 2023 (WAM) - TECOM Group PJSC (DFM: TECOM), ( The Group), the creator of specialised business districts and vibrant communities, today announced its financial results for its fiscal 2023 first quarter ended 31 March 2023. The Group delivered a strong financial and operational performance, reporting a 6% year-on-year (YoY) increase in revenues to AED 514 million and a 34% YoY increase in net income to AED 255 million.

Abdulla Belhoul, Chief Executive Officer, TECOM Group, said, “TECOM Group’s solid first quarter results, are not just a testament to the success of our long-term growth strategy, but also a reflection of the underlying business confidence in Dubai and the thriving business ecosystem in the emirate.

The sustained growth in our occupancy demonstrates the continued demand for our specialised assets and reaffirms Dubai’s position as a global hub for investment, innovation, and entrepreneurship. We believe we are well positioned to continue to capitalise on the booming real estate market in Dubai.

Looking ahead, our outlook for the rest of the year is positive, particularly with the prospect of higher rental rates, continued growth in occupancy and the immense potential that the city offers to businesses of all sizes and from all sectors.