TECOM Group P.J.S.C. Reports Record Financial Year Amidst Strategic Expansion
TECOM Group P.J.S.C. has released its financial results for the year ending December 31, 2024, showcasing significant growth and strategic acquisitions.
Summary
TECOM Group P.J.S.C. has demonstrated robust financial performance in 2024, marked by a 23% increase in net profit and strategic acquisitions to bolster its asset portfolio.
TECOM Group P.J.S.C. Reports Record Financial Year Amidst Strategic Expansion
TECOM Group P.J.S.C., a leader in creating specialized business districts and vibrant communities, has unveiled its financial results for the year ending December 31, 2024. The company reported a 23% year-on-year increase in net profit, reaching AED 943 million. This growth was driven by strong demand across its business segments and strategic acquisitions to expand its asset portfolio.
Key Financial Performance Indicators
| Indicator | 2024 | 2023 | % Change (YoY) |
|---|---|---|---|
| Revenue | AED 1.759 billion | AED 1.593 billion | 10% |
| EBITDA | AED 1.395 billion | AED 1.234 billion | 13% |
| Net Profit | AED 943 million | AED 768 million | 23% |
| EBITDA Margin | 79% | 77% | 2% |
Strategic Developments
In 2024, TECOM Group completed the acquisition of Office Park in Dubai Internet City for AED 720 million, enhancing its portfolio of premium commercial assets. The Group's total investments in commercial and industrial assets exceeded AED 2.7 billion, reflecting its vision for sustainable growth.
Conclusion
TECOM Group's financial results and strategic acquisitions underscore its strong market position and growth potential. The increase in revenue and net profit, coupled with strategic asset expansions, positions the Group well for future growth. Investors can view TECOM Group as a robust player in the commercial real estate sector, with a strong foundation for sustained profitability.
Source
Summary
The document is a confidential report containing the classification, consolidated financial statements, and other related financial information for TECOM Group PJSC and its subsidiaries for the year ending on December 31, 2024.
