TECOM GROUP P.J.S.C.

Logotype for TECOM GROUP P.J.S.C.
Ticker/ISIN
TECOM
AEE01081T004
Market/Country
Dubai Financial Market
United Arab Emirates
Latest Stock Price
3.17 AED
2024-10-04

Year to date

0.15 %

3 months

0.20 %

6 months

0.18 %

1 year

0.14 %

3 years

0.00 %

5 years

0.00 %

TECOM Group has been developing strategic, sector-focused business districts across the emirate of Dubai since 1999. TECOM Group is well-positioned to continue playing an integral role in cementing Dubai’s status as a global business and talent hub.

The TECOM Group portfolio consists of 10 business districts catering to 6 vital knowledge-based economic sectors, including design, education, manufacturing, media, science, and technology. The Group provides a varied and tailor-made leasing portfolio – which includes offices, co-working spaces, warehouses and land – to over 10,000 customers and more than 105,000 professionals.

TECOM Group offers additional value-added services to deliver a competitive and attractive environment for businesses and entrepreneurs to thrive in and to facilitate engagement between the districts’ community members. Government and corporate services are made available through an integrated smart services platform, “axs”, which enhances ease of doing business and provides community members with a seamless experience.

TECOM Group also provides industry specialised facilities, including media production studios, laboratories and higher education campuses. in5, its enabling platform for entrepreneurs and start-ups, offers innovation centres supporting tech, media, and design start-ups and SMEs. Its future-focused co-working spaces D/Quarters deliver stimulating work environments for tenants, and the “GoFreelance” package serves freelance talents.

Latest Pressrelease Summaries

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.
TECOM Group reported a 15% YoY increase in its net profit for Q1 2024, exceeding AED 290 million. This increase was driven by strong demand across all assets from both new and existing customers, resulting in a record-high portfolio occupancy rate of 91%. The group's Q1 2024 revenue also increased by 10% YoY to AED 564 million. EBITDA rose by 10% YoY to AED 439 million, with an EBITDA margin of 78%. The total number of customers surpassed 11,000, thanks to robust customer retention and the addition of new customers. The company's strong financial performance follows a record financial performance in 2023 and is underpinned by Dubai's robust economic performance and pro-growth government initiatives.
The document is a review report and condensed interim consolidated financial statements for TECOM Group PJSC and its subsidiaries. The report covers the three-month period ending on 31 March 2024. The information is classified as confidential.

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DFM News

DFM News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Press Release Regarding Financial Results for the 3rd QTR of 2023

TECOM Group has reported a 20% year-on-year (YoY) increase in net profit for the first nine months of 2023, reaching AED 768 million ($209 million). Revenues rose by 7% YoY to AED 1.6 billion, driven by high occupancy levels across the company's portfolio. EBITDA increased by 14% YoY to AED 1.2 billion, with the EBITDA margin expanding to 78%. The company's Q3 2023 net profit also rose by 34% YoY to AED 283 million. TECOM Group has announced plans to develop new storage and logistics facilities in Dubai Science Park.

1. Attached Document

DFM News

DFM News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Financial statements for the 3rd QTR of 2023

The document is a review report and condensed interim consolidated financial statements of TECOM Group PJSC and its subsidiaries. It covers the financial performance and activities of the company for the nine-month period ending on 30th September 2023.

1. Attached Document

DFM News

DFM News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Result of BOD meeting

On 31 October 2023, the Board of Directors of TECOM Group PJSC held a meeting where they reviewed and approved the Condensed Interim Consolidated Financial Statements for the nine-month period ending on 30 September 2023. They also discussed regular matters and other business-related topics. The information was disclosed in a letter to Mr. Hamad Ali, the CEO of Dubai Financial Market.

1. Attached Document

DFM News

DFM News

News Update From TECOM GROUP P.J.S.C.

Disclosure: BOD Meeting

1. Attached Document

FinanceBroAED

FinanceBroAED

Commented on RealEstateKings Transaction regarding TECOM GROUP P.J.S.C.

Hey RealEstateKing, switching lanes to Industrials now, are we? TECOM at 2.51 AED, bold move! Hope it doesn't 'construct' a loss for you! 😄 #DiversificationGameStrong
ConsumerNinja

ConsumerNinja

Commented on RealEstateKings Transaction regarding TECOM GROUP P.J.S.C.

Hey RealEstateKing, interesting move on TECOM GROUP! Diversifying into telecom, eh? Curious to see how this plays out amidst your real estate dominion. Keep us posted!
DFM News

DFM News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Result of Earnings Call

1. Attached Document

DFM News

DFM News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Press release regarding financial results for the first half of 2023

1. Attached Document

DFM News

DFM News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Financial statements for the 2nd QTR of 2023

1. Attached Document

DFM News

DFM News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Results of BOD meeting

1. Attached Document