TECOM Group Reports 15% Increase in Net Profits in First Quarter, Reaching 293 Million Dirhams

TECOM Group’s net profits increased by 15% annually in the first quarter of this year, reaching 293 million dirhams.

Earnings before interest, taxes, depreciation and amortization (EBITDA) grew 10% year-on-year to reach AED 439 million in the first three months of the year, while EBITDA margin remained at 78%.

According to the group, the increase in EBITDA was due to the strong growth in total revenue. The group’s income recorded a 10% year-on-year increase to reach 564 million dirhams, thanks to the highest occupancy rates that reached 91% thanks to strong levels of demand from current customers and new across all rental and service categories, at the same time. with continued growth in business activity across all sectors due to the current situation. The value of cash flows from operations reached 413 million dirhams, registering an increase of 15% year on year. TECOM Group CEO, Abdullah Belhoul, said: “The group’s profits demonstrate its strong capacity and ability to use its diversified portfolio of assets to meet the increasing levels of demand for office space and high quality real estate solutions driven by the process of economic growth. that Dubai sees on a large scale. He also said that due to the continuous increase in occupancy rates across all sectors in the previous three quarters, the group managed to achieve an occupancy rate of 91%, the highest level in the history of the group, and some business centers close to reach. highest occupancy rates, and are seeing demand levels from new buyers across the six sectors The group’s focus has increased significantly, particularly for prime office space and business assets, indicating that customer retention rates within the business rental sector have reached 98. %.