Press releases, Reports & Disclosures for TECOM GROUP P.J.S.C.

TECOM Group PJSC, through its subsidiary TECOM Investments FZ LLC, has signed a binding Memorandum of Understanding (MOU) to acquire a Grade-A commercial asset in Dubai Internet City for AED 720 million. The asset, known as 'Office Park,' consists of five interconnected blocks with a Gross Leasable Area of 370,761 sq. ft and is currently 88% occupied by prominent international companies. The acquisition is pending final approval at Emirates REIT's upcoming Extraordinary General Meeting (EGM). This move aligns with TECOM Group's growth strategy and reinforces its leading position in Dubai's commercial and industrial real estate market.

On 26 September 2024, the Board of Directors of TECOM Group PJSC held a meeting at 4:30 pm to review and discuss the company's business and operations. The meeting was led by Malek Al Malek, Chairman of the Board of Directors. A copy of the meeting's disclosure was also sent to the Securities and Commodities Authority.

TECOM Group PJSC reported a 24% increase in net profit for the first half of 2024, reaching AED 603 million, driven by high occupancy rates and strong business performance. Revenue for H1 2024 grew by 9% year-on-year to AED 1.1 billion, supported by occupancy rates exceeding 92% and a successful business strategy. EBITDA also rose by 9% to AED 896 million due to overall revenue growth and operational optimization. Funds from operations increased by 24% year-on-year to AED 840 million. The Board of Directors approved an interim cash dividend of AED 400 million for H1 2024, to be distributed by September 2024. The Group's results reaffirm its role in supporting Dubai's knowledge-based economy by attracting global and regional companies to its specialized business districts.

The document is a review report and condensed interim consolidated financial statements for TECOM Group PJSC and its subsidiaries, covering the six-month period ending on June 30, 2024.

On 29 July 2024, Mr. Hamad Ali, the CEO of Dubai Financial Market, was informed that the Board of Directors of TECOM Group PJSC will hold a meeting on 01 August 2024 at 3:00 PM. The agenda includes discussing and approving the condensed consolidated interim financial statements for the first half of the financial year ending 30 June 2024, considering a proposal to distribute an interim cash dividend for the same period, and addressing regular matters and any other business. This information was also copied to the Securities and Commodities Authority.

TECOM Group is investing AED 1.7 billion in strategic projects as part of its next phase of growth. The group's board of directors has approved a plan to expand its portfolio and promote sustainable growth. The plan includes acquiring high-quality office buildings in Dubai Internet City and industrial land plots. The investments are expected to contribute immediately to revenue growth and portfolio value appreciation and meet market demand in the medium to long term. This expansion plan reflects TECOM Group's confidence in the demand for commercial Grade A spaces and industrial assets, supported by Dubai's strong economic development. The investments will be carried out by TECOM Group's subsidiaries. The group is well-funded to acquire these strategic assets, backed by strong financial performance and ample liquidity.