TECOM Group’s Q1 2023 net profit rises 34% to Dhs255m

TECOM Group’s Q1 2023 net profit rises 34% to Dhs255m

Group announced its financial results for Q1 2023, stating it had delivered a strong financial and operational performance. The group reported a 6 per cent year-on-year increase in revenues to Dhs514m and a 34 per cent YoY increase in net income to Dhs255m million. Earnings before interest, taxes, depreciation and amortisation was Dhs399m, reflecting a 14 per cent rise over last year. Net profit was Dhs255m, marking a 34 per cent rise over the same period last year. It was underpinned by strong growth in revenues, enhanced operational efficiencies and sustained growth across all business segments. Funds from operations reached Dhs359m, a 44 per cent increase on Q1 2022, due to strong collections and continued high levels of customer retention. Abdulla Belhoul, chief executive officer, , 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