Tecom Group’s profits exceed AED 1bn in 2023; revenues up 10%

Tecom Group’s profits exceed AED 1bn in 2023; revenues up 10%

Dubai – Mubasher: Tecom Group recorded higher net profits at AED 1.07 billion in 2023, marking a 49% increase from AED 725.61 million in 2022.

Revenues grew by 10% year-on-year (YoY) to AED 2.16 billion in 2023 from AED 1.97 billion, according to the consolidated income statements.

The basic and diluted earnings per share (EPS) attributable to the owners hit AED 0.22 last year, higher than AED 0.19 in the January-December 2022 period.

Meanwhile, the total assets climbed to AED 14.81 billion in 2023 from AED 14.55 billion in 2022.

Income Results for Q4-23

In the fourth quarter (Q4) of 2023, the group’s net profits hiked by 259% to AED 311 million from AED 87 million in Q4-22, while the revenues jumped by 17% to AED 579 million from AED 494 million.

The DFM-listed company attributed the solid financial performance to robust demand from new and existing customers operating across all six sectors the group serves.

Abdulla Belhoul, CEO of Tecom Group, said: “What drove occupancy rates to 89% across our portfolio was strong demand for assets in all sectors, especially those catering to customers in the industrial sector.”

“We anticipate the demand-induced growth momentum to be sustained in 2024 and beyond. With our well-balanced business model, access to strategically