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

TECOM Group reported a 23% year-on-year increase in net profit for the first nine months of 2024, reaching AED 943 million, driven by record revenues of AED 1.7 billion, a 10% increase from the previous year. The company's EBITDA rose by 13% to AED 1.4 billion due to increased revenues and operational efficiencies. Funds from operations increased by 20% to over AED 1.2 billion, while total investments in commercial and industrial assets surpassed AED 2.7 billion. In the third quarter, TECOM achieved a 12% rise in revenue to AED 611 million and a 20% increase in net profit to AED 340 million.

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

TECOM Group PJSC, through its subsidiary TECOM Investments FZ LLC, has acquired Office Park in Dubai Internet City from Emirates REIT for AED 720 million. This acquisition is part of TECOM Group's strategy to expand its portfolio of Grade-A commercial assets and reinforces its position in Dubai's commercial real estate sector. The acquisition increases the Group's total investments in commercial and industrial assets to over AED 2.7 billion in 2024. Office Park's strategic location in a prominent tech hub and its strong customer base are expected to positively impact TECOM Group's financial performance and offer sustainable growth opportunities. TECOM Group CEO Abdulla Belhoul highlighted the acquisition as a step towards addressing the demand for premium commercial real estate in Dubai, supporting the city's growth as a global economic center.

On October 16, 2024, TECOM Group announced the acquisition of the "Office Park" building in Dubai Internet City for AED 720 million. This follows a binding Memorandum of Understanding (MOU) signed between TECOM Investments FZ LLC, a subsidiary of TECOM Group, and Emirates REIT (CEIC) PLC, as disclosed on October 1, 2024. The acquisition was subject to approval by Emirates REIT's shareholders, which was granted unanimously during their Extraordinary General Assembly on October 15, 2024. Both parties will now proceed with the formalities to finalize the acquisition, with further details to be disclosed upon completion.