TECOM Group PJSC, a prominent operator of Dubai’s specialized business districts, has reported a significant 24% increase in its net profit for the first half of 2024, reaching AED 603 million. This growth, up from AED 485 million in the same period last year, highlights the group’s robust financial health and strategic positioning in Dubai’s economy.
The group’s revenue rose by 9% year-on-year to AED 1.1 billion, driven by strong occupancy rates across its business districts, which now exceed 92%. The company’s EBITDA for the period also saw a 9% increase, reaching AED 896 million, underlining the effectiveness of its operational optimizations and revenue growth initiatives.
In light of these results, TECOM’s Board of Directors has approved an interim cash dividend of AED 400 million for the first half of the year, with distribution slated for September 2024. This payment is part of the group’s broader dividend policy, committing to a total annual distribution of AED 800 million through September 2025.
Chairman of the Board, Malek Al Malek, emphasized that the results reflect TECOM’s successful capital management and forward-looking business strategy. The group’s performance is also indicative of its pivotal role in supporting Dubai’s knowledge-based economy, by attracting global and regional companies to its ten specialized business districts, covering six vital sectors.
TECOM’s strong financials and high occupancy rates signal its continued influence in Dubai’s commercial real estate and business infrastructure, reinforcing its position as a key player in the region’s economic landscape.
