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

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.